Among those Russians hit by the EU's latest round of sanctions are President Vladimir Putin's judo partner Arkady Rotenberg, who is already on a US sanctions list.
The European Commission has published the names of eight Russians and three companies that will have their assets frozen as a consequence of Kremlin's actions in eastern Ukraine. The Russian National Commercial Bank was among those targeted.
In a statement issued last night, G-7 leaders said: "Russia still has the opportunity to choose the path of de-escalation, which would lead to the removal of these sanctions. If it does not do so, however, we remain ready to further intensify the costs of its adverse actions."
EU governments have agreed to impose a host of economic sanctions against Russia, taking aim at bank financing, technology, defence equipment and the oil industry.
At meetings held yesterday in Brussels, it was also agreed that Russian state-owned banks would be barred from selling shares or bonds in Europe.
The number of people and entities subject to travel bans and asset freezes is now up to 95 people and 23 organisations.