The legislation, passed within a fortnight of it first being tabled, further threatens the China-ruled city's freedoms, critics say
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".