This has been in the works for awhile.
The formal statement is available (pdf).
A package of further restrictive measures against Russia has been adopted by the Council today (through written procedure), deepening the targeted measures of 31 July. The sanctions aim at promoting a change of course in Russia’s actions destabilising eastern Ukraine and come in the wake of the European Council of 30 August, which condemned the increasing inflows of fighters and weapons from the territory of the Russian Federation into Eastern Ukraine and the aggression by Russian armed forces on Ukrainian soil.
The entry into force through the publication in the Official Journal will take place in the next few days. This will leave time for an assessment of the implementation of the cease-fire agreement and the peace plan. Depending on the situation on the ground, the EU stands ready to review the agreed sanctions in whole or in part.
Russia has promised to respond asymmetrically (on the harsh side) to another round of sanctions. There’s talk they could cut off their airspace from non-friendly countries, which would be prohibitive for many airlines.
Update: Reuters reports that the largest energy companies will be banned from raising capital in Europe under the new sanctions.