EU foreign policy chief Kaja Kallas said on the social media platform X that EU foreign ministers had approved the move.
German foreign minister Johann Wadephul, who is expected to attend the talks in Brussels, was among those who opposed initiating the review.
The ministers are to decide on a “roadmap” for a step-by-step approach, Ms Kallas said as she arrived at a meeting of EU foreign ministers in Brussels.
The move comes after “a year of unheeded pleas by the Israeli authorities regarding respect for international law in the Gaza war,” Mr Borrell said.
The European Union had previously warned Iran several times against passing on ballistic missiles to Moscow and viewed the step as breaching a new taboo.
On Monday, German Foreign Minister Annalena Baerbock praised U.S. President Joe Biden’s decision to drop his re-election campaign.
EU foreign policy chief Josep Borrell suggested making longer-term financing commitments for military aid and using EU money to support the delivery of modern fighter jets and missiles.
“For an effective air force, we need a total of around 160 combat jets,” Mr Zelensky said in a television interview with Portugal’s public broadcaster.
The Swedish EU presidency has announced that the EU ministers agreed on a new package of sanctions against Iran.
A decision on further sanctions “is going to dominate and it’s not going to be easy,’’ an EU diplomat said.
