EU government will decide on a new raft of sanctions against Russia by Friday.
They will target Moscow in a number of key sectors, including defence, dual use goods and finance.
They could also include banning Europeans from buying new Russian government bonds.
It would make it harder for the Russian administration to raise funds.
Officials say existing measures targeting military and ‘dual-use’ equipment will also be toughened up.
Britain has also floated the idea of stripping Russia of the 2018 World Cup.
England lost out to Russia when bidding for the competition in 2010.
But any decision would have to be taken by FIFA officials.
Football’s world governing body has already said it won’t mix sports with politics.