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.

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"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.

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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.

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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.

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