The European Union has today formally approved a new barrage of sanctions against Russia for its invasion of Ukraine.

The sanctions include bans on investments in the Russian energy sector, luxury goods exports and imports of steel products from Russia.

The sanctions, which come into effect after publication in the EU official journal later today, also freeze the assets of more business leaders who support the Russian state, including Chelsea football club owner Roman Abramovich.

The European Commission said in a statement that the sanctions included "a far-reaching ban on new investment across the Russian energy sector".

The measure will hit Russia's oil majors Rosneft, Transneft and Gazprom Neft, but EU members will be still able to buy oil and gas from them, an EU source told Reuters.

There will also be a total ban on transactions with some Russian state-owned enterprises linked to the Kremlin's military-industrial complex, the EU executive said.

The bloc reached a preliminary agreement on the new sanctions yesterday, and no objections were raised before an agreed deadline.

The ban on Russian steel imports is estimated to affect €3.3 billion worth of products, the Commission said.

EU companies will also be no longer allowed to export any luxury goods worth more than €300, including jewellery. Exports of cars costing more than €50,000 will also be banned, EU sources said.

The package also prohibits EU credit rating agencies from issuing ratings for Russia and Russian companies, which the Commission says will further restrict their access to European financial markets.

The latest sanctions follow three rounds of punitive measures which included freezing of assets of the Russian central bank and the exclusion from the SWIFT banking system of some Russian and Belarusian banks.

The EU also agreed today to strip Russia of its "most-favoured nation" trade status, opening the door to punitive tariffs on Russian goods or outright import bans.

Meanwhile, Britain today imposed an additional 35% tariff on a swathe of Russian imports, from vodka to steel, and banned exports of luxury goods over Moscow's invasion of Ukraine.

"We want to cause maximum harm to (Russian President Vladimir) Putin's war machine while minimising the impact on UK businesses," the Department for International Trade said.

"Russian vodka is one of the iconic products affected by the tariff increases, while the export ban will likely affect luxury vehicles, high-end fashion and works of art," the department stated.

The list of goods covered by the additional tariffs include steel, wood, cereals, drinks, fur and white fish - worth £900m (€1.1 billion a year.

"The export ban will come into force shortly and will make sure oligarchs and other members of the elite, who have grown rich under President Putin's reign and support his illegal invasion, are deprived of access to luxury goods," the DIT said.

Britain will deny Russia and its ally Belarus access to Most Favoured Nation tariffs under World Trade Organization rules.

"The UK is working with our international partners and is supporting the WTO to prevent those who fail to respect the rules-based international order from reaping its benefits," it said.

"These tariffs build on the UK's existing work to starve Russia's access to international finance, sanction Putin's cronies and exert maximum economic pressure on his regime," said Chancellor of the Exchequer Rishi Sunak.

Since Russia invaded Ukraine almost three weeks ago, the UK has sanctioned more than 500 Russian individuals and entities.

That includes travel bans and asset freezes on 18 oligarchs with a combined worth of over £30 billion, including Chelsea Football Club owner Roman Abramovich, as well as Putin himself and his foreign minister Sergei Lavrov.

The UK has also severed ties with Russian banks, barred Russian planes and vessels and will phase out Russian oil imports by the end of the year.