Russia says "there will undoubtedly be a reaction" to any new sanctions imposed by the EU.
The Russian foreign ministry said in a statement that the EU's proposed sanctions were "practically sending a signal of direct support to the 'party of war' in Kiev".
The new sanctions will target state-owned oil companies, including Rosneft, and add 24 people to a list of those barred entry to the bloc and whose assets in the EU are frozen.
In a separate statement on this week's Nato summit, the Russian foreign ministry accused Nato of demonstrating "unreserved support for Kiev’s neo-Nazi and extremist forces, including the Right Sector".
The statement said the summit had "adopted a line towards Nato’s eastward expansion and build-up of its presence near Russia’s borders. These plans were nurtured for a long time and the Ukrainian crisis became merely an excuse for the start of their implementation."
Yesterday the Russian rouble rose 0.22 per cent against the dollar and 0.14 per cent against Euro in reaction to the news of a ceasefire agreement between Kiev and Russian separatists.
Ukrainian President Petro Poroshenko said: "We must do everything possible and impossible to end the bloodshed and put an end to people's suffering."
The ceasefire appears to be holding this morning, according to reports.