The United States joined with G7 allies with plans to impose sanctions that will target 200 individuals and entities and a dozen Russian financial institutions.
They planned to form an "Enforcement Coordination Mechanism," at first chaired by the United States, to counter Russian efforts to circumvent the sanctions.
The sanctions are aimed at targets in Russia and "third-country actors" across Europe, Asia and the Middle East that are supporting Russia's war effort, the White House said in a fact sheet.
"We will sanction additional actors tied to Russia's defense and technology industry, including those responsible for backfilling Russian stocks of sanctioned items or enabling Russian sanctions evasion," it said.
Biden was also set to sign proclamations to raise tariffs on Russian products imported to the United States.