Russian Prime Minister Dmitry Medvedev on Tuesday signed a decree on imposing sanctions against 245 Ukrainian individuals and 8 entities.
According to a government statement, the decision is made "to counter Ukraine's unfriendly actions towards Russian citizens and legal entities."
Ukrainian defense companies Ukroboronprom and Ukrspetsexport, as well as energy company Tsentrenergo and the State Export-Import Bank of Ukraine, are among the companies included in the sanction list.
In addition, Ukraine's first deputy interior minister and several lawmakers are also included in the list.
Special economic measures include the blocking (freezing) of the sanctioned ones' bank accounts, uncertificated securities and property in Russia and a ban on the transfer of money from Russia.
The sanction list currently comprises of 567 individuals and 75 entities.
Russia and Ukraine have been at loggerheads since 2014, when Russia annexed Crimea after a controversial referendum.
Turkey, as well as the UN General Assembly, view the annexation as illegal.
