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The European Union is set to approve new targets for sanctions on Russia, EU foreign policy chief Josep Borrell said on Thursday following reports that Brussels would impose further sanctions on Moscow.

"We will approve a new package of sanctions, although we have already done almost everything possible," Borrell told reporters. 

The top EU diplomat stressed that he could not reveal when the sanctions would be imposed nor who they would target, saying: "I cannot tell their names now."

He did, however, reveal his belief that the 27-nation bloc's anti-Russian sanctions were "very effective," highlighting how around two-thirds of Russian commercial airliners could not take off and nearly all car-manufacturing factories were put to a halt due to the lack of equipment from Europe.

Reuters reported earlier in the day that during a meeting in the Czech Republic set to take place between October 6 and 7, leaders from European Union countries may approve new measures against Russia, including an oil price cap - which will worsen the energy crisis - and individual sanctions.

The media outlet also said the European Commission was expected to submit a written proposal with restrictive measures against Russia to Union leaders, which would then be approved in Prague. 

Unnamed EU officials said that the Union has been considering putting a price cap on Russian oil, restricting high-tech exports from the EU to Russia, in addition to implementing strict measures against Russian individuals. 

According to Reuters, Poland, and Baltic states have also been calling on confiscating Russian assets. However, this decision is not so likely to receive full support from the European Union, decreasing its likelihood of going through.

The European Union threatens Russia with new sanctions in the event of referenda in the LPR, DPR, Kherson, and Zaporozhye regions

Hungarian Prime Minister Viktor Orban demanded that EU sanctions against Russia be lifted by the end of the year, local media reported on Thursday.

Orban has been advocating against the European Union's sanctions against Russia, stressing that they hurt European interests and benefit Russia instead.