The European Union is considering new sanctions against Russia, which could hit the energy sector.
Three European officials, who did not want to be named due to the sensitivity of the talks, told CNBC that ministers will be looking at imposing energy sanctions on Russia.
EU foreign affairs ministers are meeting to discuss the next steps as Russia bombards Ukraine. Russia's attack on Europe's largest nuclear plant in Zaporizhzhia, Ukraine, has raised concerns over the last 24 hours.
The EU's foreign policy chief told CNBC that everything is on the table.
One official told CNBC that ministers will discuss energy sanctions today, but no major decision is expected.
The United States, Canada, and the United Kingdom will also take part in the discussions.
A third official said that Friday was a good time to take stock of where the West is on sanctions, and to show the good cooperation between the EU and NATO.
The EU blocked Russian banks from using the international payment system, SWIFT. Pressure has been mounting on the bloc to do more.
The European Parliament's liberal party called for a complete economic blockade of Russia.
The European Union depends on Russia for energy.
According to the International Energy Agency, the EU imported 45% of gas from the country in 2011. Russian oil imports accounted for 25% of the bloc's oil purchases in 2020.
The Prime Minister of Poland said that Sberbank and Gazprombank, two major Russian banks, had not yet been hit by EU sanctions because they facilitate transactions relating to the supply of energy to the EU.
He said that it was unacceptable and that Poland demanded sanctions to fully encompass all Russian entities.
The costs of pursuing energy sanctions would have to be analyzed by the United States.
Higher costs for consumers in the U.S. and the EU are likely to be caused by energy embargoes.
Emre Peker told CNBC that energy sanctions on Russia would be painful.
The more we are out of winter and into spring, the easier it is to make a decision.
The bloc has said that the effects of sanctions on Russia are worth it, given that the Kremlin is attacking Europe's democratic values.
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