EU foreign ministers approved the sanctions on seven entities, including Iran Air, and seven individuals, including deputy defence minister Seyed Hamzeh Ghalandari and senior officials of the Revolutionary Guards' Quds Force, the bloc said.
Leading European powers Britain, France and Germany adopted similar sanctions last month over Iranian missile transfers to Russia, as did the United States.
European Commission president Ursula von der Leyen welcomed the adoption of the sanctions by the entire bloc, while adding: "More is needed."
"The Iranian regime's support to Russia's war of aggression against Ukraine is unacceptable and must stop," she posted on X.
Iran's foreign ministry spokesman Esmail Baghaei rejected the sanctions as "unjustified and contrary to international law".
"He also emphasised Iran's inalienable right to have defence and military cooperation with other countries, including Russia," Iran's official news agency IRNA reported.
Iran's arch-foe Israel lauded the move, with Foreign Minister Israel Katz posting on X that sanctions "send a clear message that the international community will not tolerate Iran's dangerous actions, its support for terrorism, and its destabilisation of the region."
Two other Iranian airlines, Saha Airlines and Mahan Air, were hit under the EU measures, along with two procurement firms blamed for the "transfer and supply, through transnational procurement networks, of Iran-made UAVs and related components and technologies to Russia".
The sanctions also target two companies involved in the production of propellant used to launch rockets and missiles.
Those targeted are subject to an asset freeze and banned from travelling to the EU.
Iran rejects Western accusations it has transferred missiles to Russia for use in Ukraine.
According to US Secretary of State Antony Blinken, dozens of Russian military personnel have received training in Iran on using the Fath-360 missile, which has a range of 120 kilometres (75 miles).
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