WASHINGTON—President Biden is preparing to announce a new round of U.S. sanctions on Russia on Thursday as his administration ramps up efforts to punish Moscow for launching a large-scale invasion of Ukraine.

Mr. Biden is scheduled to deliver a speech at the White House early in the afternoon in which he will detail what White House officials describe as harsh economic penalties. U.S. lawmakers of both parties have called on the U.S. president to come down on Russian President Vladimir Putin with the full suite of sanctions at the government’s disposal.