Russian oil giant Rosneft will be hit by new EU sanctions (photo: twitter)
New European Union sanctions targeting Russian oil firms, defense companies and banks over the crisis in Ukraine entered into force on Friday.
The sanctions published in the EU's official journal also add 24 individuals to a blacklist of people facing a travel ban and asset freeze
Russian oil giants Rosneft and "Transneft" plus the petroleum unit of gas giant "Gazprom" are among the targets, the AFP news agency reports.
Sanctions will also be against United Aircraft Corporation- the parent company that produces MiG and Sukhoi fighter jets among others - tank maker "Uralvagonzavod", and state-controlled aerospace holding company and helicopter maker "Oboronprom".
As a result, the Russian ruble slumped to a new record low of 37.72 against the dollar on Friday after the sanctions entered into force.
Russia called the latest round of EU sanctions an "unfriendly act" and said it will retaliate.
"Our response will be proportionate to the damage those sanctions do to the economies of our states," Foreign Ministry spokesman Alexander Lukashevich said.
Moscow expects European business to lobby against the sanctions because they are "counterproductive," said Lukashevich.
Andrei Belousov, an aide to Russian President Vladimir Putin, said the measures would be directed at the import of pre-owned cars and several types of consumer goods, such as clothing,