EU leaders meeting in the European Council will announce the punitive measures that are also expected to be coordinated with similar steps by the United States, showing their policy of not recognizing the annexation of Crimea, Reuters reports.
The new measures will ban European investment in oil and gas drilling in the Black Sea, limiting development of the resources.
"This is being done in time for the European Council," one EU official said following a political decision to go ahead with the Crimea measures late on Tuesday. "There are consequences for violating international law," said a second official on condition of anonymity.
The European Union has previously banned imports from Crimea and barred new investment in infrastructure projects in the transport, telecommunications and energy sectors, as well as investing in oil and gas ventures.
Now, "the sale, supply, transfer and export of goods and technology ... shall be prohibited," according to the draft document detailing the measures, which cites transport, telecommunications, energy and oil, gas and mineral exploration and production.