Kremlin spokesperson Dmitry Peskov denied media reports that Russia will declare war on Ukraine on May 9 Victory Day, TASS reported Wednesday. 

The response came after some media reports claimed Russian President Vladimir Putin could formally declare war on Ukraine as soon as May 9.

Speaking on the EU's sixth sanctions package against Russia, Peskov said Russia is observing the process and calculating a variety of scenarios.

He warned that sanctions are a double-edged sword and costs for European citizens will greatly increase.