The Biden administration is preparing sanctions against Russian companies that it believes supply goods and services to the military and intelligence agencies, including dual-use components used to distribute weapons, The Wall Street Journal reported, citing US official sources.

The Treasury Department sanctions, which could be announced as early as next week, come as the US and its allies continue to impose sanctions on a range of economic sectors in response to Russia's invasion of Ukraine.

The said sanctions are the latest action under an executive order signed by U.S. President Joe Biden that seeks to block or ban transactions with entities or individuals involved in malicious foreign activity on behalf of Moscow.