Amid continued Russian shelling of Ukrainian cities, European Union foreign ministers are set to meet on July 18 to discuss tightening sanctions against Moscow.
Among the measures being considered -- and likely to be approved -- is a ban on gold purchases from Russia, a move already put in place by international partners.
The EU could also act to impose sanctions on additional Russian individuals.
"Moscow must continue to pay a high price for its aggression," European Commission President Ursula von der Leyen said on July 15 in presenting the proposals that foreign ministers will consider on July 18.
A senior EU official told AFP the EU was likely to discuss new sanctions at the meeting but would not make an immediate decision.
The commission's proposals would slap a ban on Russia's gold exports as part of efforts to align EU sanctions with the Group of Seven (G7) leading industrialized countries and other international partners.
The G7 in June announced a ban on imports of Russian gold, a move aimed at Russian oligarchs and President Vladimir Putin's war machine. The British government said at the time that exports of Russian gold last year totaled more than $15 billion.
Six previous rounds of EU sanctions have targeted Russia's economy, financial system, central bank, top government officials, as well as Putin and his inner circle. The last one passed in June imposed a ban on most Russian oil imports.
The new measures come as "Russia's brutal war against Ukraine continues unabated," Von der Leyen said in a statement.