The European Union has declared they will enforce new restrictions on Russia following Putin’s announcement that he will mobilise troops to fight in Ukraine.
There are also plans to increase weapon deliveries to Kyiv to aid President Zelensky in his fight back against hostile forces.
The bloc’s leaders are currently in New York for the meeting of world leaders at the UN.
Regarding the new sanctions package, Mr Borrell said it would target “more relevant sectors of the Russian economy and continue targeting people responsible for the war of aggression in Ukraine”.
During Putin’s latest address he also indicated intentions to annex Ukrainian territory and deploy nuclear weapons if threatened.
Mr Borrell claimed it showed his “panic and desperation”, adding: “It’s clear that Putin is trying to destroy Ukraine.”
After being advised by Ukraine’s Foreign Minister Dmytro Kuleba EU ministers will meet formally in October, when an official plan could be drawn up.
Mr Borrell added that there was likely to be “unanimous” support for sending more military supplies to President Zelensky.
Estonian Foreign Minister Urmas Reinsalu told Reuters the Russian leader was trying to scare the West but said these comments were a “game-changing moment”.
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Mr Reinsalu continued: “It’s different now. There is a saying in aviation that regulations are written with the blood of victims of air catastrophes.
“Well all the (sanctions) packages are written with the blood and atrocities Russia has committed.”
Since the mobilisation order was announced over 1,300 Russians have been arrested due to nationwide protests against the plan.