The measure aims to provide security assistance to Ukraine, Israel and Taiwan over bitter objections from party hardliners
The UAE, Saudi Arabia and Bahrain severed diplomatic and travel ties with Qatar this month, accusing it of funding hardline Islamist militant groups in the region, a charge Doha denies.
"There are certain economic sanctions that we can take which are being considered right now," Omar Ghobash told the newspaper in an interview in London.
"One possibility would be to impose conditions on our own trading partners and say you want to work with us then you have got to make a commercial choice," he said.
He said the expulsion of Qatar from the Gulf Cooperation Council was "not the only sanction available".