The wide-ranging package -- which includes a ban on imports of Russian aluminium -- Â will be formally adopted by EU foreign ministers on Monday, the third anniversary of Kremlin's invasion of Ukraine.
The EU's 16th round of sanctions on Russia comes as US President Donald Trump has undercut Kyiv and its European backers by launching efforts with Russia's Vladimir Putin to end the war.
"The EU is clamping down even harder on circumvention by targeting more vessels in Putin's shadow fleet and imposing new import and export bans," European Commission president Ursula von der Leyen wrote on X.
"We are committed to keep up the pressure on the Kremlin."
Beyond targeting Russia's lucrative aluminium sector, the new measures target the so-called "shadow fleet" used to skirt restrictions on Russian oil exports by blacklisting 73 more ageing vessels.
The EU will also disconnect a further 13 Russian banks from the global SWIFT payment system and ban a further eight Russian media outlets from broadcasting in Europe.
Europe is scrambling to react after Trump upended three-years of staunch US support for Kyiv by starting talks with Moscow.
Top US officials and Russian negotiators held a first meeting in Saudi Arabia on Tuesday to pave the way towards reaching a deal on Ukraine.
European countries are urgently trying to make their voices heard as they fear a bad deal could leave an emboldened Moscow claiming victory.
The US has said that the EU will eventually have to play a role in the talks due to the sanctions it has imposed on Russia.
New Ukraine summit
French President Emmanuel Macron was set on Wednesday to host a new meeting on Ukraine in a bid to coordinate a European response to what he called an "existential threat" from Russia amid a shock policy shift in Washington.
In an interview with French regional newspapers on Tuesday, he said he planned to meet "with several European and non-European states".
The talks were set to take place Wednesday afternoon, with most participants taking part by video link, according to the Elysee.
"Russia poses an existential threat to Europeans," Macron said.
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