The Citizens are excluded from the next two editions of UEFA's premier club competition.
It does open up a spot in the Premier League for the team that finishes fifth, should the ban stand beyond an appeal.
And Arteta says he is not conflicted that his former team's downfall could help his team.
Speaking about the ban with reporters after his side's 4-0 home win over Newcastle United, Arteta said. "We don't know anything about it and we will have to wait and see.
"[It's] Very difficult but I am not conflicted at all. I just want the best for Manchester City, for Pep, for the players. I am so grateful for the time I spent there.
"[But] I just want to do for Arsenal the best we can to achieve what we deserve"