The EU has agreed on a package of "significant" additional restrictive measures targeting Russia's finance, defence and energy sectors, Xinhua reported.
The sanctions will limit access of Russian state-owned financial institutions to EU capital markets, impose an arms embargo, establish an export ban on dual-use goods for military end users, and curtail Russian access to sensitive technologies particularly in the field of the oil sector.
The Russian ministry accused the EU of being manipulated by "Washington's dictation", warning that the bloc should get ready for serious economic costs of "doubtful geopolitical schemes".
Russia's finance ministry said that it will overcome possible economic difficulties to be caused by the new sanctions.
Moreover, the ministry said that the sanctions prove that the West is reluctant to settle the Ukraine crisis.
"We have to acknowledge that there is an obvious lack of political will and reluctance in the EU to reach a solution to the crisis in Ukraine. "
Russian Foreign Minister Sergei Lavrov said during a visit to Tajikistan Wednesday that Russia will analyse the latest sanctions imposed by the West, adding that Moscow did all it could to defuse tensions in Ukraine.
Lavrov said that the latest round of sanctions came exactly when monitors of the Organisation for Security and Cooperation in Europe (OSCE) started to observe the Russian-Ukrainian border areas at the request of the West.
Following its European allies, US President Barack Obama Tuesday announced an expansion of sanctions targeting key sectors of Russian economy.