European Union ambassadors on Wednesday approved sanctions against Russia, according to Reuters citing an unnamed diplomatic source. 

The sanctions still need formal approval by the foreign ministers, something that will be handled in written procedure.

The sanctions will enter into force once they are published in the EU's official journal, a step expected later on Wednesday.

The sanctions will include Russian Defense Minister Sergei Shoigu and Russia's Internet Research Agency, according to a report from the Wall Street Journal. 

The EU sanctions are also planning to target Russian parliament members who backed recognizing the breakaway regions as independent, a decision announced by Russian President Vladimir Putin on Monday. 

"The sanctions directly target individuals and companies involved in these actions, they target banks that finance Russian military apparatus and contribute to the destabilization of Ukraine. And we are also banning trade between the two breakaway regions and the European Union," European Commission President Ursula von der Leyen said of the sanctions on Tuesday.

Earlier on Tuesday, Germany announced to halt the approval process for the Nord Stream 2 gas pipeline from Russia. 

"On Nord Stream 2, I think the German government is absolutely right," Ursula von der Leyen said. "Nord Stream 2 has to be assessed in light of the security of energy supply for the whole European Union, because this crisis shows that Europe is still too dependent on Russian gas. We have to diversify our supplies and we have to go to reliable suppliers," she added.

"The sanctions will hurt Russia and will hurt a lot," High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell said after 27 members of the European Union unanimously agreed on the measures at a press conference with French Foreign Minister Jean-Yves Le Drian on Tuesday. 

The U.S. has announced a "first tranche" of sanctions targeting Russian entities and individuals. On the same day, the UK claimed to sanction three wealthy individuals and five banks of Russia. 

Besides Western countries, Japan announced sanctions on Russia Wednesday, banning visas and freezing assets of Russian officials associated with the two pro-Moscow regions in eastern Ukraine and also banning trade with those areas. 

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(With input from agencies)