The European Union is set to finish the list of economic sanctions it will impose to Russia, including the restrictions on EU capital markets, embargo on trade and exports of military goods due to Moscow's role in Ukraine civil war.

EU announced on Saturday that at least 18 entities and companies, and 15 individuals are prohibited from flying to EU member countries and are subject to asset freezes.

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European Council President Herman Van Rompuy sent a letter to EU leaders regarding the sanctions as initially agreed by the EU ambassadors during its meeting on Thursday. He said there is an "emerging consensus" on the proposed sanctions.

Among the individuals included in the sanctions are Aleksandr Bortnikov, head of the Russian Federal Security Service (FSB) and Mikhail Fradkov, Russia's Foreign Intelligence Service director. Several members of the Russia's Security Council and people close to Russian President Vladimir Putin will also face sanctions, EU said.

On economic aspect, Van Rompuy said state-owned Russian banks will be blocked from participating in EU capital markets, while there will be an embargo on defense equipment sales from EU members to Moscow.

But Van Rompuy clarified in his letter that it will only apply to future contracts, allowing France to proceed with its 1.2 billion euro (US$1.6 billion) deal to supply two Mistral helicopter carriers to Russia.

This is the first time EU has come up with an economic-wide sanction against Russia, which supports rebels in the eastern Ukraine, following the downing of Malaysia airlines this month over rebel-held areas in Ukraine. Over 200 people onboard who died in the accident were EU residents.

Moreover, an export ban on goods used for military and civilian purposes will only apply to Russian military customers, Van Rompuy.

But the sanction on energy technology was limited to oil-industry equipment, underscoring the dilemma faced by the 28-member EU whose members depend on Russia for energy and gas supplies.

EU said it managed to come up with a sanction package which could keep the economy of EU strong while hitting Russia's growth.

"It should have a strong impact on Russia's economy while keeping a moderate effect on EU economies," Van Rompuy said in his letter.

The entities, on the other hand, that will be affected by the travel ban and assets freeze are mostly separatist groups in Ukraine, including the self-proclaimed Lugansk People's Republic, the Donetsk People's Republic, the Federal State of Novorossiya.

These separatists and other militia groups were blamed for the downing of the Malaysia jetliner Flight 17, which was shot down by a surface-to-air missile. Reports said rebel groups mistaken thought the plane as a Ukrainian jets. Rebels denied the accusations.

The sanctions also came after the United States said they have evidence showing the Russia is directly intervening in the civil war, firing Ukrainian military positions and supplying arms to the rebels.

U.S. has already imposed widening sanctions against Moscow following the increased tension in the Ukraine region, and called for world powers to join hands in urging Moscow to stop the rebels.

TagsRussia, European Union, EU, Sanctions