Five people and two companies are to be added to the EU's blacklist over the Ukraine crisis, the Wall Street Journal wrote on Monday.

Sberbank and VTB Group, which are among Russia's largest banks, will reportedly be affected.

The fresh names of Russian citizens, which will reportedly include "oligarchs" from President Vladimir Putin's inner circle, will be added to the 87 Russian and Ukrainian officials on which Brussels has imposed asset freezes and travel bans since the standoff between Moscow and Kiev worsened this winter.

New entries into the list are expected to be announced on Wednesday.

The sanctions will be aimed at curtailing the presence of certain Russian entities and citizens on the EU's financial markets, where they will be barred from issuing bonds or directly requesting loans.

Some politicians on the continent expect such a development could pressure Putin into changing his stance on the Ukraine crisis.

Leaders are due to have a final say on the measures later on Tuesday.

Documents cited by Russian daily Kommersant reveal that an arms embargo and a ban on exports of dual-use equipment with possible civil and military applications will also find its place onto the agenda.

Another point will be a ban on exports of prospective gas and oil extraction technology to Russia, though such a decision will not have an impact on ongoing deliveries.

Russia's RIA Novosti agency reports that EU diplomats have also agreed to introduce commercial and investment restrictions regarding the Crimean Peninsula, which Russia incorporated following a local referendum held March 16. The measures are designed to affect Crimea's energy, transport and telecoms sector.

A report cited by the website EUObserver estimated potential damages that the sanctions would bring to the European economy at EUR 30 to 40 B until the end of 2014 and some UER 90 M by end-2015.