New sanctions would be imposed on Russia this week by the US and the European Union (EU) in the wake of Moscow's continued assistance to rebels in eastern Ukraine.
"We expect the EU to take significant steps this week to target Russia's economy," Xinhua quoted US Deputy National Security Advisor Tony Blinken as saying.
Blinken said the US will also impose additional sanctions on Russia.
On Monday, Obama spoke of new sanctions in a video conference call with British Prime Minister David Cameron, French President Francois Hollande, German Chancellor Angela Merkel and Italian Prime Minister Matteo Renzi.
Over the conference call, the world leaders stressed the continued need for unrestricted access to the Malaysia Airlines flight MH17 crash site in eastern Ukraine, the White House said in a statement.
The US and the European leaders also discussed situations in Gaza, Iraq and Libya.
The leaders discussed the security challenges in Iraq, welcoming developments in the political process, and urging the swift completion of the formation of an inclusive government, the statement said.
With respect to Libya, they agreed on the need for an immediate ceasefire among militias in Tripoli.