The EU could target state-owned Russian banks in a bid to toughen up the bloc’s sanctions linked to the Ukraine crisis.
Ambassadors met in Brussels on Thursday discussed a European Commission proposal in response to the downing of a Malaysian airliner in eastern Ukraine.
But only EU leaders can decide whether the draft plans will be implemented.
European investors would be banned from buying new debt or shares of Russian banks in which the state owns more than 50 percent.
Other proposals include an arms embargo, although it would apply to future deals.
That means France could complete the delivery of a second Mistral warship to Russia.
EU leaders struck a tentative deal last week to add more names of individuals and companies to the bloc’s sanctions list.
That position was endorsed and implemented by the region’s foreign ministers on Tuesday.