A Boeing 777-F aircraft of German Lufthansa Cargo air carrier stands on the tarmac during loading at Fraport airport in Frankfurt July 28, 2014. Today Lufthansa transports 66 horses to Tehran airport. REUTERS/Ralph Orlowski (GERMANY - Tags: ANIMALS TRANS
IN PHOTO: A Boeing 777-F aircraft of German Lufthansa Cargo air carrier stands on the tarmac during loading at Fraport airport in Frankfurt July 28, 2014. Today Lufthansa transports 66 horses to Tehran airport. Reuters/Ralph Orlowski

Russia continued to adopt a strong stand against a definitive new round of economic sanctions to be imposed by the European Union. It has even warned that should the body push through with the new list, it will bar western airlines from its airspace effective immediately.

Of course, we will have to respond asymmetrically if the new sanctions are related to energy and further limits our financial sector, Russian Prime Minister Dmitry Medvedev said on Monday.

He stressed Russia had been lenient with is partners because "we have friendly relations." Such relations therefore correspond to their use of Russian airspace.

"But if they put limits on us we will have to respond," Medvedev told Russian daily Vedomosti.

Such limitations on flying over Russian airspace will definitely render "many airlines" to suffer financially since Russia is the world's largest country in terms of land mass. It is so strategically placed between East Asia and Europe.

"That is a bad story (but then) we just want our partners to realise it at some point," Medvedev warned.

A report by Washington Post showed the airlines that could be greatly affected by Russian sanctions over its airspace include Lufthansa, KLM, Air France, British Airways, Finnair, United Airlines, Czech Airlines, Delta Airlines and SAS, among others.

The restricted use of Russian airspace will make Lufthansa lose over €1 billion in three months, RT News said.

According to Flightradar24.com, majority of foreign flights operated over Russia are those of European and U.S. airlines.

But this is not the first time Russia had banned western airlines from its airspace, as in the case of Lufthansa in 2007. Russia imposed sanctions on the airline firm because it wants Lufthansa to migrate its hub to Siberia. Lufthansa retaliated by diverting its flights to Kazakhstan. However in the end, it eventually gave in to Russia's demand and transferred to Siberia.

However, analysts warned Russia to go slow on imposing flight restrictions over its airspace because it could backfire on it as well.

Everytime Western airlines fly over Russia, the country receives payments. Thus, if it pushes through with the airspace ban, Russia would also be hurting itself when it loses those revenues which Western airlines pay hefty amounts.