Among the measures being considered 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.
A senior EU official told Agence France-Presse the EU was likely to discuss further sanctions at the meeting but would not make an immediate decision.
The new measures come as “Russia’s brutal war against Ukraine continues unabated”, Ursula Von der Leyen said in a statement.
"Therefore, we are proposing today to tighten our hard-hitting EU sanctions against the Kremlin, enforce them more effectively and extend them until January 2023. Moscow must continue to pay a high price for its aggression.”
Josep Borrell, high representative of the European Union for foreign affairs and security policy, added:
"The EU’s sanctions are tough and hard-hitting. We continue to target those close to Putin and the Kremlin … I will also present proposals to Council for the listing of more individuals and entities, with their assets frozen and ability to travel curtailed.”
