The US intends to penalize more than 400 Russian persons and businesses, including more than 300 members of the Dumas, Russia's lower house of parliament, as well as Russian elites.

"Our goal here is to gradually remove Russia of the perks and privileges it formerly enjoyed as a member of the international economic system," the source explained.

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The G-7 group of large economies as well as the European Union will also declare additional restrictions against Russia's efforts to dodge existing sanctions.

The measures will be announced by President Joe Biden at a speech to NATO on Thursday, one of three key remarks he will give during his day in Brussels.

The US is prepared to provide further over $1 billion in new financial support toward the international aid for those affected by Russia's war in Ukraine and its severe global consequences.