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Tensions have escalated between the two countries in recent months over a raft of issues, most recently over Russia amassing troops on its border with Ukraine.
The sanctions will affect more than 30 Russian entities and will include expelling more than 10 Russians from the United States, including diplomats, the Wall Street Journal reported, citing sources.
The diplomats will be targeted as punishment over allegations, denied by Russia, that it offered to pay militants in Afghanistan to kill American military personnel, the newspaper said.
The executive order will also expand an existing ban on US banks trading in Russian government debt.
Ukraine soldiers patrolling the border.
Washington is also set to formally accuse Russian intelligence of carrying out the SolarWinds hack that targeted more than 100 US companies and 18,000 government and private computer networks.
The president of Microsoft, one of the companies targeted, has said the sophistication and scale of the SolarWinds attack was on a level not previously seen.
Russia has denied carrying out the attack.
Together with Britain, Australia, Canada and the European Union, the United States will also sanction eight individuals and entities over the occupation of Crimea, the Journal reported.
The sanctions come at a difficult time for US-Russia relations.
US President Joe Biden and Russian counterpart Vladimir Putin held a phone call Tuesday in which they agreed to "continue dialogue", after Biden last month described Putin as a "killer" who would "pay a price" for election meddling.
US intelligence has previously said Putin and other senior officials "were aware of and probably directed" Russia's influence operation to sway the vote in the 2020 election in favor of Donald Trump.More recently a Russian troop build-up on the border with Ukraine -- where Kiev's forces have been battling pro-Russian separatists since 2014 -- has sparked widespread alarm and warnings from NATO.
Volodymyr Zelenskiy urged his compatriots on Tuesday to stay calm as Russia amasses troops on the border. The rare sanctions threat from the US comes as NATO places forces on standby and reinforces eastern Europe with more ships and fighter jets in response to Russia's troop build-up.
Biden on Tuesday announced tough new sanctions against Russia for "beginning" an invasion of Ukraine but said there was still time to avoid war, even as Vladimir Putin signaled plans to send troops beyond Russia's borders.
Russian forces withdrew from towns north of the capital Kyiv last week as it turns its assault to Ukraine's south and east. Ukrainian troops recaptured towns devastated by nearly six weeks of war, including Bucha, where dead civilians lined the streets.
The United States is focusing on Turkish banks that have integrated into Russia's Mir payments system, the paper reported citing two Western officials involved in the plans, as Brussels prepares a delegation to express its concerns to Turkish officials directly.
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This came during a press conference held at the IACAD's headquarters in the presence of Dr. Hamad Bin Sheikh Ahmed Al Shaibani, Director General of IACAD, Mohammed Ali Bin Zayed Al Falasi, Executive Director of the Mosques Affairs, Dr. Omar Mohammed Al Khatib, Executive Director of the Islamic Affairs, Ahmed Khalfan Al Mansouri, Advisor for Cultural Communication, and Mohammed Musabah Dahi, Executive Director of the Charitable Work, along with directors of departments.