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The decision has been approved by the government and will come into effect soon, the ministry said adding that the cabinet members are holding consultations on the issue with the country's parliament.
Norway, though not a EU member, will join all sanctions that the European Union has imposed on Russia over the situation in eastern Ukraine.
The European Union imposed nine packages of sanctions on Russia since March.
The last set of sanctions targeting three largest Russian state-owned companies, Gazpromneft, Transneft and Rosneft, as well as Uralvagonzavod and Oboronprom defence firms and the United Shipbuilding Corporation, came into force on September 12.
European Council President Herman Van Rompuy said that the EU may revise the sanctions depending on the situation in Ukraine.
On September 3, Russian President Vladimir Putin proposed a plan to settle the crisis in Ukraine. Two days later the Contact Group for Ukraine met in Minsk and reached a ceasefire agreement based on Putin's peace plan plan.