The current sanctions were to expire on March 15 of this year.
The individual sanctions list includes 150 individuals, including official Russian figures and representatives from the eastern Ukrainian regions of Donetsk and Luhansk.
The West, which blames Russia for escalating the crisis in eastern Ukraine, imposed several rounds of sanctions last year against both Ukrainians in the breakaway eastern regions and Russians, as well as against allies of deposed Ukrainian president Viktor Yanukovych. The restrictions include travel bans and asset freezes.
Some senior officials of EU member countries said there was no reason to slap Moscow with more restrictions as the new Minsk ceasefire deal was largely holding. The new accords on Ukrainian reconciliation were hammered out by Ukrainian, Russian, German and French leaders on February 12.
The United Nations estimates that over 6,000 people have been killed in the conflict since Ukrainian government troops moved into the region to clamp down on independence supporters in April 2014.
