U.S. President Joe Biden will ask Congress for new powers to seize and repurpose the assets of Russian oligarchs as part of a new funding request to help Ukraine defend itself against a Russian invasion, AP reported.

During his White House speech, Biden will formally ask for billions of dollars in additional U.S. spending to supply Ukraine's armed forces, strengthen its economy and support the millions of refugees who fled two months ago.

He will also seek new authority from Congress to strengthen U.S. sanctions against the Russian government and "those who profit from it," the White House said.

Biden is asking lawmakers to criminalize "knowingly or intentionally possessing proceeds derived directly from corrupt dealings with the Russian government," to double the statute of limitations on foreign money-laundering offenses to 10 years.

Treasury Secretary Janet Yellen has previously said that such actions would require a congressional authorization.