The EU's latest round of sanctions since Moscow's 2022 invasion of Ukraine seek, among other aims, to complicate commercial activities by companies in third countries that allegedly support the Russian military.
The 27-member bloc has previously implemented measures targeting Chinese firms for their alleged support for Russia's military industrial complex.
The sanctions must be debated and unanimously approved by the EU's 27 members states to come into force.
Officials told AFP the measures include adding 14 companies from mainland China and Hong Kong to a list of firms banned from buying EU goods.
Asked about the proposed sanctions, Chinese foreign ministry spokesman Lin Jian said that Beijing "has always firmly opposed illegal unilateral sanctions that lack basis in international law".
"China has several times lodged serious representations with the European side, urging it to correct its wrong practices," Lin told a regular news conference.
He warned that China will "closely follow" developments and "take necessary measures to resolutely safeguard its legitimate rights and interests", without providing further detail.
Particularly sensitive is Moscow's drone technology, which has played a crucial role in the Russia-Ukraine war -- now in its fifth year.
Chinese firms dominate the global market for civilian drones, though a grey area for some products with potential military uses presents hurdles for enforcement of export controls.
Beijing presents itself as a neutral party in the Ukraine war and says it is not sending lethal assistance to either side.
EU foreign policy chief Kaja Kallas said on social media Tuesday that "brick by brick, we are collapsing the foundations of Russia's war economy".
The latest package marks "the largest set of listings in over two years... notably on the financial sector, energy and drones' production", she wrote.