Some of those named are already subject to USA sanctions.
"The champagne corks will be popping again in Moscow this morning with another major win for (Vladimir) Putin over the DC establishment", said Timothy Ash, senior sovereign strategist for emerging markets at Bluebay Asset Management.
The department said the sanctions, if imposed, would affect Russia's defense partners.
The list does not trigger any USA sanctions targeting the individuals. But the good news ends there.
Officials with the US Treasury noted that the list did not imply restrictive measures against the persons named.
The sanctions bill requires the imposition of penalties against "significant" business with Moscow's defense and intelligence sectors.
The list, required by a law passed by Congress a year ago to punish Russian Federation for meddling in the 2016 USA election, does not trigger any US sanctions targeting the individuals.
Analysts say the timing reflects Mr Trump's coolness towards the law and his opposition to the need to punish more Russians with sanctions.
"The State Department claims that the mere threat of sanctions will deter Russia's aggressive behavior".
According to an anonymous source, numerous Russians tried to influence the list by calling for meetings with members of the House and Senate committees who are in charge of policies regarding sanctions, Mother Jones reported.
Putin's inner circle is already subject to personal U.S. sanctions imposed over Russia's 2014 annexation of Ukraine's Crimea region, although Putin himself is not on either list and nor is central bank chief Elvira Nabiullina.
Nauert would not comment on entities or individuals that might be targeted in expanded USA sanctions under the CAATSA law, saying the State Department "does not preview" its sanctions actions.
For determining the names which were to be included in Appendix B, the document stated that the Department of Treasury listed those individuals who had an estimated worth of more than $1 billion. Some individuals there have already been sanctioned. Washington, on the other hand, has urged Moscow to react more calmly since it's not a sanctions list.
The Caatsa had infuriated Moscow. However, it seems as thought USA wants to lower Putin's influence and don't want him to win and is thereby, trying to influence the vote process as much as it can.
At the time, President Donald Trump declared the bill "seriously flawed".
"I'm fed up waiting for this Administration to protect our country and our elections", he said in a statement.