Russia's President Vladimir Putin talks to reporters during a meeting in Brasilia July 16, 2014
Russia's President Vladimir Putin talks to reporters during a meeting in Brasilia July 16, 2014. Putin warned on Wednesday that U.S. sanctions will take relations with Russia to a "dead end" and damage U.S. business interests in his country. Picture taken July 16, 2014. Reuters

The European Union has decided to enforce the new package of sanctions versus Russia on Friday, despite a ceasefire truce Kiev and the pro-Russian separatists agreed last week. While Russia has pulled out its troops from Ukraine, NATO said there still remained 1,000 troops on the ground.

EU member states, according to unidentified diplomatic sources in Brussels, reportedly decided on Thursday to pursue the implementation of the new punitive measures which seek to punish Russian President Vladimir Putin for his calls of incursion into Ukraine and utter disregard for its sovereignty.

The new list of sanctions is expected to shield international capital markets to be accessed by Russian banks and arms companies. It will likewise modify the maturity periods of credits and loans extended to Russian firms to 30 days, from the original 90.

Seen to be most affected by the change in the maturity periods of credits and loans are Russia's three oil companies, include Gazpromneft, which is OAO Gazprom's oil-production and refining, oil transportation company Transneft as well as oil giant Rosneft.

Oboronprom, United Aircraft Corp. and Uralvagonzavod, Russian companies involved in military production, will be discouraged from future EU fundraising.

A ban on sales of dual-use technologies to Russian customers will be widened and implemented.

As expected, a travel ban and asset freeze on 24 individuals will be enforced. The listed individuals reportedly have linkages to the rebels in eastern Ukraine. Also included are Russian officials and oligarchs.

Four diplomats told the AP the sanctions will be published in the EU's official journal but will can be immediately reversed and lifted if the situation in eastern Ukraine improves.

The new sanctions have been discussed as early as two weeks ago in a meeting of European leaders two weeks ago. But the bloc had to delay its implementation pending the outcome of the ceasefire truce that the Kiev undertook with the pro-Russian separatists.

Russian Prime Minister Dmitry Medvedev has warned on Tuesday it will ban western airlines from accessing its airspace once the new sanctions were enforced. Russia is the world's largest country in terms of land mass and is strategically placed between East Asia and Europe.

Read: Russia Sure To Retaliate Against New Western Sanctions, Will Bar Western Airlines From Its Airspace