The Kremlin warned on Wednesday that the European Union's sanctions on Russian oil would hit the global energy market but said Moscow could re-route exports to limit its own losses.

EU leaders this week agreed on an embargo on Russian crude oil imports that aims to halt 90% of Russia's oil sales into the 27-member bloc by year-end.

"These sanctions will have a negative impact on the entire continent - for Europeans, for us, and for the entire global energy market," Kremlin spokesperson Dmitry Peskov told reporters.