US officials will consult with major partners in Europe and Asia that may be impacted by these measures, the report said.
Tensions around Ukraine have been aggravated in the past several weeks by an alleged Russian troop buildup near the Ukrainian border and claims of preparations for an invasion. Moscow has repeatedly denied those accusations, pointing to NATO's military activity near Russian borders, which it deems a threat to its national security. Russia has also said it has the right to move forces within its own territory.
The United States would use extraordinary export control measures to prevent Russia from importing industrial and consumer technologies, which could have a big impact on Russian consumers, industrial operations and employment, the report said.
6 November 2021, 01:01 GMT
The Biden administration would specifically use the same tools the Trump administration used to ban Chinese telecommunications company Huawei from accessing certain advanced semiconductors, the report said.
The Trump administration added Huawei to the "entity list" in May 2019, which basically prohibited American companies from doing business with the Chinese tech giant without prior US government approval. The US sanctions brought serious challenges to Huawei's smartphone business, as the company struggled to secure supplies of microprocessors for its devices because of US dominance in the smartphone chipset industry.