WASHINGTON - White House press secretary Jen Psaki said Monday that US President Joe Biden will soon sign an executive order banning Americans from doing business in the two Ukrainian regions that Russia has recognized as independent states.

"President Biden will soon issue an Executive Order that will prohibit new investment, trade, and financing by US persons to, from, or in the so-called DNR and LNR regions of Ukraine," Psaki said in the statement, using the Russian abbreviation of the "Donetsk People's Republic" and the "Lugansk People's Republic," two self-declared republics founded by anti-government militia groups in Ukraine's Donetsk and Lugansk oblasts during the height of the armed conflicts in eastern Ukraine in 2014.

"This E.O. will also provide authority to impose sanctions on any person determined to operate in those areas of Ukraine," said Psaki. "The Departments of State and Treasury will have additional details shortly. We will also soon announce additional measures related to today's blatant violation of Russia's international commitments."

The press secretary said the executive order is separate from the economic sanctions the United States is preparing to impose on Russia if it invades Ukraine. "We are continuing to closely consult with Allies and partners, including Ukraine, on next steps and on Russia's ongoing escalation along the border with Ukraine."

The White House's statement came shortly after Russian President Vladimir Putin announced that he had signed a decree recognizing the DNR and the LNR as independent and sovereign states. The European Union also announced its sanctions.