The US is ramping up economic sanctions on Russia and Belarus on Wednesday in retaliation for Moscow's ongoing war in Ukraine.

Belarus, a close Kremlin ally, has allowed Russia to use its territory to stage and launch troops for the assault and is reportedly preparing to send its forces into Ukraine.

The flurry of US penalties being imposed includes an extension of existing technology export restrictions already imposed on Russia to now include Belarus, which the White House said "will severely limit the ability of Russia and Belarus to obtain the materials they need to support their military aggression against Ukraine."

The Biden administration is also imposing sanctions on Russia's defense sector, including blacklisting 22 Russian defense-related entities.

The White House did not specify which firms would be affected by the State Department's forthcoming announcement but said they work in the development of "combat aircraft, infantry fighting vehicles, electronic warfare systems, missiles, and unmanned aerial vehicles."

The Commerce Department is further imposing export controls on oil and gas extraction equipment to target Russia's ability to refine fossil fuels and designating entities that support Russian and Belarusian "security services, military and defense sectors."

US President Joe Biden announced Tuesday that he is banning all Russian aircraft from US airspace, dealing a blow to Russia's passenger and cargo air operations./aa