(Photo: DPA)

Kremlin spokesman Dmitry Peskov said Moscow responded negatively and with regret to the EU sanctions and stressed the principle of reciprocity. Russian Deputy Foreign Minister Alexei Meshkov said that the sanctions are counterproductive. Experts say EU sanctions because of Russia’s actions in Ukraine could cost Europe up to 100 billion USD, twice as much as Russia’s losses.

On Wednesday, the EU formally extended its economic sanctions on Russia until the end of January. The Russian government said it will extend its ban on EU food imports in retaliation.