Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, looks on during a meeting with Russia's Foreign Minister Sergei Lavrov at the Reception House. Russian Ministry of Foreign Affairs/TASS

The European Union is working on new sanctions against Russia to deprive it of products it may need to attain its strategic ambitions, EU foreign policy chief Josep Borrell said on Sunday.

“As part of our work on deterrence (of Russia – TASS), we have advanced with the preparations of a high-impact response that would inflict severe costs on the Russian economy and financial system. Here we are also considering export controls measures that would have a longer-term effect, by denying Russia products that it needs to fulfil its strategic ambitions,” he wrote on his personal blog.

He also noted that European Union regrets Russia’s decision to expand its blacklist of EU representatives banned from entering Russia and warns about its appropriate response.

“In this context, I deplore the decision by Russian authorities, announced on Friday, to ban an unknown number of representatives of EU Member States and institutions from entry into Russia. This decision lacks any legal justification and transparency and will meet an appropriate response. With it, Russia continues to fuel a climate of tensions in Europe instead of contributing to de-escalation,” he wrote.

“Russia is waging a war of nerves,” he claimed. “So we have to keep ours. In this stand-off with Russia, we are doing our best to make diplomacy work, using all possible paths.”

The European Union regrets Russia’s decision to expand its blacklist of EU representatives banned from entering Russia and warns about its appropriate response, Borrell said.

“In this context, I deplore the decision by Russian authorities, announced on Friday, to ban an unknown number of representatives of EU Member States and institutions from entry into Russia. This decision lacks any legal justification and transparency and will meet an appropriate response. With it, Russia continues to fuel a climate of tensions in Europe instead of contributing to de-escalation,” he wrote.

In recent weeks, the European Union has been threatening Russia with new sanctions in case of its alleged aggression against Ukraine. Brussels, according to the EU leadership, is already working on possible restrictive measures against Moscow.

Recently, Western and Ukrainian media outlets have been echoing claims about Russia’s possible aggression against Ukraine. Kremlin spokesman Dmitry Peskov earlier slammed such statements as “empty and groundless” and their goal is to whip up tensions. He stressed that Russia doesn’t pose any threat to anyone, but did not rule out possible provocations to justify the remarks in question and warned that attempts at using force to settle the crisis in southeastern Ukraine would have the most serious consequences.