The bloc says the sanctions will remain in place until June 23, 2016.
Based on the measures, products from Crimea and Sevastopol cannot be imported into the EU.
European companies are barred from exporting goods, transport, telecommunication and oil and gas technologies to the region.
Europe’s tourism operators are also prohibited from the two regions and cruise ships cannot dock in Sevastopol.
The European Union has already renewed its sanctions on Russia over East Ukraine conflict until January 2016.
The EU accuses Moscow of supporting militias fighting the Ukrainian army in the east but Moscow denies that.