The European Union agreed on a fourth set of sanctions and restrictions targeting Russia, including a broad ban on energy-sector investment, a ban on certain imports into Russia and new targeted sanctions against Russian business executives and oligarchs, including Roman Abramovich, diplomats said.

       The EU plans to ban the import of finished steel from Russia, which the bloc says is worth around 3.3 billion euros, or $3.6 billion, in lost export revenue for Russia. The EU also intends to ban the rating of Russia and Russian companies by EU credit-ratings firms and the provision of rating services to Russian clients, the bloc said.

       The measures—in response to Russia’s invasion of Ukraine—don’t go quite as far as originally proposed by European Commission President Ursula von der Leyen last week. EU diplomats said divisions have started to re-emerge between member countries over how fast to push ahead with Russia sanctions. A group of countries led by Poland wants more far-reaching measures. Others, including Germany, have been urging a more gradual approach, including exemptions for energy purchases and some other important products.

       The new restrictions on investment in Russia’s energy sector don’t include bans on Russian oil or natural gas imports, two products European capitals rely on heavily and haven’t yet seriously considered blocking. Instead, they have agreed to a blanket ban on new investment across the Russian energy sector, including upstream oil, gas and coal projects and on upgrades of things such as refineries. The new sanctions make exceptions for civil nuclear energy, the bloc said.

       The sanctions will come into effect later Tuesday when the full list of sanctions targets will be announced.

       Mr. Abramovich, one of Russia’s highest profile oligarchs, has already been sanctioned by the U.K., where his planned sale of the British soccer team Chelsea FC has been ensnared in those restrictions. A representative for Mr. Abramovich hasn’t commented.

       The oligarch will face an asset freeze and a travel ban across the bloc, diplomats said. Mr. Abramovich is a citizen of EU member Portugal, leaving it up to Portuguese authorities to decide whether he is allowed there.

       Governments have powers to temporarily freeze assets of individuals or entities in their jurisdiction, without proving criminality. Owners are typically barred from selling or benefiting from them until sanctions are lifted or successfully contested. Governments typically can’t move to take ownership of the assets, though, except after often-lengthy legal proceedings that would require proof of lawbreaking. The U.K. government, however, is considering laws that would give itself the powers to seize sanctioned assets.

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