Kremlin spokesperson Dmitry Peskov says Russia is taking measures to minimize the effects of the partial oil embargo imposed by EU countries on Russia.

"Sanctions will have a negative effect for Europe, us and the whole global energy market," Peskov told reporters, adding that "reorientation" was currently underway to find alternatives for the oil that it will no longer sell to Europe.

"These are purposeful, systematic actions that will allow us to minimize the negative consequences," he said.

Hungarian Prime Minister, Viktor Orban, said Tuesday that Europe is "dancing" on the brink of a global economic crisis because of sanctions against Russia.

Read more: Some EU countries would face major energy crisis: Brussels

"We have enough problems, energy prices are sky-high, inflation is soaring and Europe is dancing on the brink of a global economic crisis because of sanctions," Orban told the M1 broadcaster.

Managing the economy in such a crisis with higher oil prices "would have been tantamount to an atomic bomb," Orban said, adding that the scenario has been prevented. 

EU leaders reached an agreement at a Brussels summit to put an embargo on Russian oil as part of the sixth package of sanctions on Russia. In the meantime, pipeline deliveries will continue normally. 

Orban praised the European Union's plan to exclude Russia's pipeline oil supply from the sixth round of sanctions.

Ukraine's Finance Minister: Sanctions against Russia have little impact

Sergii Marchenko, Ukraine's Finance Minister, said on Wednesday that the West's sanctions against Russia have had a limited impact on its economy.

"The objective reality is that anti-Russian sanctions have too mild of an impact on the Russian economy and budget — just look how quickly the ruble has recovered. Therefore, I do not believe that anti-Russian sanctions will take effect in six months or even later," Marchenko told Ukrainian business news website mind.ua, adding that this will not change anytime soon unless tougher sanctions are applied.

Marchenko also called it unfair that Ukraine was losing $321 million per day, while Russia was earning €1 billion at the same time. He also called on Western countries to impose sanctions on all Russian businesses.