The EU executive also announced more individual blacklistings, an oil price cap for third countries and stepped-up efforts to crack down on attempts to circumvent existing sanctions against the Kremlin, news agencies reported.
The bloc's proposed new round of sanctions comes after the Kremlin announced a military mobilisation, made new nuclear threats against the West, staged so-called referendums in occupied areas of Ukraine and began taking steps to annex a swathe of the former Soviet republic, which aspires to join the EU, the Reuters news agency reported.
"We do not accept the sham referenda nor any kind of annexation," said the European Commission's head, Ursula von der Leyen, as she outlined the bloc's eighth package of sanctions against Russia over its invasion of Ukraine.
"Russia has escalated the invasion of Ukraine to a new level, and we are determined to make the Kremlin pay the price for this further escalation," von der Leyen told reporters.
"We are proposing a new package of biting sanctions," she announced.
The EU executive's proposals need to be approved by the 27 member states before they can take effect.
Source: IAR, PAP, Reuters