BRUSSELS, July 22. /ITAR-TASS/. The European Union is ready to gather for the third summit over new sanctions on Russia, EU High Representative for Foreign Affairs and Security Policy Catherine Ashton said on Tuesday.

The EU foreign ministers agreed to step up the work for expanding sanctions against Russia based on new criteria, Ashton said.

The EU Foreign Affairs Council will submit proposals by Thursday, July 24, to restrict investments and defense contacts with Russia, a European diplomat told ITAR-TASS.

Earlier, Irish Minister for Foreign Affairs Charlie Flanagan said that the European Union was unlikely to consider stronger so-called “phase three” sanctions.

The EU leaders instructed the European Commission to prepare the list of Russian officials, businessmen and entities under asset freeze and travel bans. Its target will be those considered “materially or financially supporting actions undermining or threatening Ukraine’s sovereignty, territorial integrity and independence”.