The EU agreed to impose asset freezes and travel bans on Tuesday against four close business associates of Russian President Vladimir Putin as well as four firms, EU sources said.

The EU agreed to impose asset freezes and travel bans on Tuesday against four close business associates of Russian President Vladimir Putin as well as four firms, EU sources said.

The sanctions target "persons and entities supporting or benefitting from (the actions of) Russian decision-makers" in Ukraine, an EU official said earlier.

The names are expected to be published Wednesday in the European Union's Official Journal.

The decision was taken at a meeting of the 28 member state ambassadors to the EU, who were expected later to approve much wider economic sanctions against Moscow.

These tougher 'Phase 3' measures, as opposed to so-called 'Phase 2' asset freezes and travel bans, are meant to limit Russian access to European financial markets and so put its struggling economy under even more pressure.

Additionally, the EU plans to ban future arms sales to Russia, restrict the export of goods with both defense and civilian applications, and clamp down on technology transfers, especially in the energy sector.