EU diplomats agreed on Tuesday to slap economic sanctions on Russia.
They will target the country’s energy, defence, finance and sensitive technology sectors.
The measures will be signed off by EU leaders by Thursday and be reviewed every three months.
The EU has been divided over the issue since G7 leaders first floated the idea of economic sanctions in late April over Moscow’s response to the Ukraine crisis.
That was due to different economic interests inside the bloc.
France wants to deliver a second Mistral helicopter carrier to Russia by the end of October.
German Chancellor Angela Merkel has also been wary of angering Moscow.
Germany gets more than a third of its oil and gas imports from Russia, while the country is a key market for German consumer goods.
EU diplomats also agreed to stop Russian state-owned banks from selling shares or bonds in Europe.
Denying them access to capital markets, will make it difficult for them to raise fresh funds.