On Monday, press secretary to the Russian prime minister Natalya Timakova stated that the government has submitted a proposal to the presidential administration on extending the embargo.
The move comes after the European Union announced it would extend sanctions against Russia for another six months.
“They [the cabinet’s proposals] are being worked through by the presidential administration. We expect the work to finish quite quickly,” Peskov told reporters.
The European Union extended the existing economic sanctions Monday over Russia’s alleged role in the Ukrainian crisis. The restrictions, originally imposed in 2014, target Russia’s defense, banking and energy sectors, as well as several individuals.
Moscow has repeatedly stated that it was not involved in the armed conflict in Ukraine, and imposed a year-long food embargo against the countries that sanctioned it last August.
Speaking at the St. Petersburg International Economic Forum last week, Russian President Vladimir Putin said that European producers have lost up to 100 million euros [$112 million] because of the sanctions war.