"From 20 December, investment in Crimea or Sevastopol is outlawed. Europeans and EU-based companies may no more buy real estate or entities in Crimea, finance Crimean companies or supply related services," the statement said.
EU operators were banned from offering tourist services on the territory of the peninsula. In addition, EU cruise ships are no more allowed to call to Crimean ports, unless there is an emergency situation.
The sanctions were passed in written form and will be published on Friday and go into force on Saturday.
Crimea broke away from Ukraine and reunified with Russia following a referendum in March. Kiev and Western countries have labeled the referendum as illegitimate and imposed sanctions against a number of Crimean and Russian officials, allegedly involved in the peninsula's reunification with Russia.
Subsequent waves of sanctions have hit Russia's energy, defense and banking sectors.
