The ban covers exports of telecom, medical, vehicle, agricultural and electrical equipment, as well as some forestry products such as timber.
The economy ministry said further measures could include restricting foreign ships from Russian ports.
It said: “These measures are a logical response to those imposed on Russia.”
The ministry added that the bans on countries that have “committed unfriendly actions” were “aimed at ensuring uninterrupted functioning of key sectors of the economy”, BBC reported.
Governments in the West have imposed a string of sanctions on Russia, notably on buying oil, and against billionaire oligarchs seen as close to Russian President Vladimir Putin.
About 48 countries will be affected, including EU and the US.
Russian Prime Minister Mikhail Mishustin said the ban would include exports of goods made by foreign companies operating in Russia. The items include cars, railway carriages, and containers.
It comes as Russia’s former President Dmitry Medvedev warned that assets owned by western companies that have pulled out of Russia could be nationalised, BBC reported.
Firms have been leaving en masse or halting investment, including industrial and mining giants such as Caterpillar and Rio Tinto, Starbucks, Sony, Unilever and Goldman Sachs.
On Wednesday, Moscow approved legislation that took the first step towards nationalising assets of foreign firms that leave the country.