Russian President Vladimir Putin on Wednesday announced counter-sanctions against Western nations with a year-long import ban on a variety of agricultural products and foodstuffs.
The move targets all countries that have taken punitive measures against Moscow, meaning Spain will be affected.
According to figures from the Spain's Embassy in Russia, bilateral trade with Russia was worth €11 billion ($14.7 million) in 2013.
That was 37 percent up on 2010 figures, and 18 percent up on the number in 2012.
Russian sanctions could hurt this strong relationship and could have a knock-on effect on Russian tourism in Spain.
Some 1,581,785 Russian tourists visited Spain in 2013, up 31.6 percent on 2012, according to figures from Spain's official tourism research centre Frontur.
Russian tourists also boosted spending by the greatest margin, boosting expenditure by 29 percent to €2.35 billion in 2013, accounting for four percent of total tourism spend, figures from the country's Industry, Energy and Tourism ministry show.