The United States and its allies are preparing a new package of sanctions, this time seeking to limit the selling prices of Russian exports of petroleum products, the Wall Street Journal reported, citing sources.

They said the sanctions will impose price caps on diesel and fuel oil and will take effect Feb. 5.

This new round of sanctions follows last month's decision by the U.S., EU and other G7 countries to cap the export price of Russian oil at $60 a barrel.

According to the WSJ, sanctions on the two petroleum products could have more serious economic consequences, and market observers expect that Russia will have a harder time refocusing its petroleum product exports.