Borrell's proposal targets Israel's finance minister, Bezalel Smotrich, and its national security minister, Itamar Ben Gvir, both outspoken figures on the far right.
"I initiated the procedures in order to ask the member states... if they consider appropriate, including in our list of sanctions some Israeli ministers (who have) been launching unacceptable hate messages against the Palestinians," Borrell told reporters.
Speaking at the start of a foreign ministers' meeting in Brussels, Borrell said the individuals targeted had made statements that go "clearly against international law and is an incitation to commit war crimes".
"I think that the European Union has not to have taboos in order to use our toolbox -- in order to make humane law respected," Borrell said.
According to diplomats, Borrell's proposal targets Israel's finance minister, Bezalel Smotrich, and its national security minister, Itamar Ben Gvir, both outspoken figures on the far right.
Smotrich has triggered international uproar by suggesting it would be justified to starve two million Gazans to free Israeli captives in the Palestinian territory, while Ben Gvir has been called out over a string of inflammatory actions and comments.
Borrell's sanctions proposal has little chance of success, with EU states divided since the start of Israel's assault on the Gaza Strip in October.
The EU top diplomat stressed no decision would be taken during Thursday's informal meeting.
Hungary, Austria and the Czech Republic are among the EU countries that staunchly support Israel's actions, blocking any attempt at tough measures targeting the Israeli government.
Hungary's Foreign Minister Peter Szijjarto told reporters that Budapest considered Borrell's proposal "dangerous".
His Italian counterpart, Antonio Tajani, said sanctions would not be "the right path" to keep Israel at the negotiating table.
Germany's foreign minister, Annalena Baerbock, meanwhile voiced reluctance on the proposal -- recalling that EU sanctions were already in place against violent Israeli settlers and that any further move would need unanimous backing.
European sanctions involve a ban on travelling to the bloc, and the seizure of assets held within the EU.
*This story was edited by Ahram Online
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