BRUSSELS—European authorities have begun examining whether to compensate farmers hit by Russia's bans on food imports, a move that would help neutralize any backlash against the European sanctions that prompted Moscow's retaliation.

European Union officials will take the next week to assess the potential impact of the bans on European farmers, said Roger Waite, a spokesman for the European Commission, the EU's executive arm. Experts from the EU's 28 member states will meet Thursday to discuss the estimates, though they will...