RIA Novosti cited Ulyukaev as saying to reporters: "I believe that even the previous round of sanctions was the reason enough to appeal with the WTO. And we will certainly do it.

"We will not rush the issue and prepare our appeals in the most argumentative and well-warranted manner.

The move follows the new sanctions issued by the European Union (EU) and the US, mainly focusing on the Russian banking, oil and defense sectors, over Moscow’s alleged involvement in the Ukrainian crisis.

The newly-imposed restrictions will limit several key Russian banks and oil and defense companies from accessing credit from EU and US institutions.

The restrictions include for technical and other assistance to Russian companies in oil exploration and production, specifically in the areas of Arctic Sea drilling and shale oil projects.

However, Russia warned its response could affect petrochemicals and machinery products, Press TV reported.