The ban, contained in legislation approved by the European Commission and obtained by the Financial Times, would also be applied to Russian defence companies and would add to a similar restriction adopted in July on Russian banks seeking to raise cash in Europe, the Financial Times writes.
According to the legislation, which was distributed to national capitals on Thursday and expected to be approved by EU ambassadors by Friday, the ban on oil groups would only apply to state-controlled companies with assets of more than 1tn roubles ($27bn) who get more than half their revenues from "the sale or transportation of crude oil or petroleum products".
Those criteria would hit Rosneft, Russia's largest oil group, and Gazprom Neft, the oil subsidiary of gas giant Gazprom. The language appears to also bar Transneft, the world's largest oil pipeline company.
Other Russian oil groups, such as Lukoil and Surgutneftegas, would likely be exempt because of their private ownership, however. The legislation only applies to companies that are "publicly controlled" or are more than 50 per cent owned by the government.
The ban on oil groups is the most significant measure under consideration in the legislation, triggered by last month's movement of Russian troops into Ukraine, and would add to existing sanctions in the US against Rosneft. The US has also targeted Novatek, the Russian gas group, but the EU has been careful to shy away from the sensitive gas sector amid concerns the Kremlin could retaliate by shutting off gas supplies vital to many EU members.