The EU has adopted new economic sanctions against Russia over the conflict in Ukraine, targeting the oil sector, defence equipment and sensitive technologies, EU sources say.
Russian state banks' access to capital is also likely to be restricted.
The aim is to increase the cost to Russia of its continued support for pro-Moscow rebels in eastern Ukraine.
Moscow denies charges by the EU and US that it is supplying heavy weapons to the rebels.
US President Barack Obama is expected to announce a new round of US sanctions against Russia later on Tuesday.
They are likely to include sanctions on three Russian banks - VTB, the Russian Agriculture Bank (Rosselkhozbank) and the Bank of Moscow.
Full details of the new EU sanctions are expected on Wednesday, when the EU is also set to name more Russian officials facing asset freezes and travel bans in Europe.