Kremlin spokesman also added: halting flights to Egypt is just a precaution and does not mean that Moscow has determined that the A321 came down as a result of a terrorist action.
"Suspension of flights to Egypt does not mean Russia prioritizes terrorism as cause of A321 crash, all possible causes are considered", Peskov noted.
The suspension of Russian flights will seriously harm Egypt's tourism industry, a member of the Egyptian Federation of Chambers of Tourism told Sputnik on Friday.
"We [annually] welcome around 2.5 million tourists from Russia, so, if the decision is really made, it will cause Egypt serious harm," Ali Ghoneim said.
"We had around 250,000 bookings from Russia in Sharm el-Sheikh and Hurghada for Christmas and New Year, there will be major damage if the decision is made," he added.
Earlier Russian President Vladimir Putin agreed with Federal Security Service (FSB) Alexander Bortnikov's recommendation to suspend passenger flights to Egypt while the investigation of the Sinai plane crash is underway.
Russian Airbus A321 passenger plane crashed in Egypt's Sinai Peninsula on October 31 en route from Egypt's resort city of Sharm el-Sheikh to St. Petersburg. All 224 people on board were killed. The crash has become the biggest tragedy in Russian and Soviet civil aviation history.