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The Norwegian Council of State has approved the new restrictions that will take effect immediately, the ministry said.
Norway, which is not a member of the EU, has supported all the previous packages of sanctions despite extensive business ties with Russia.
The latest EU sanctions target Rosneft, Russia's largest oil producer, Gazprom's oil subsidiary Gazprom Neft, and national pipeline operator Transneft.
Earlier, Russia banned imports of meat, fish, dairy, fruit and vegetables from the United States, the 28-nation European Union, Australia, Canada and Norway for one year at the start of August, retaliating for sanctions imposed by those nations over events in Ukraine.