When asked about the European Union's plans to ban Russian oil imports, Kremlin spokesman Dmitry Peskov said on Wednesday that Russia is looking into various options, as reported by Reuters.

Regarding the new western sanctions, "sanctions are a double-edged sword, costs for the European citizens will increase a lot," the spokesperson argued.

Market reaction

Markets remain risk-averse following these comments. As of writing, the Euro Stoxx 600 Index was down 0.6% on the day and US stock index futures were posting small daily gains. Meanwhile, EUR/USD continues to move sideways in a tight range above 1.0500.