Also read: Indonesia Weighs in on Military Coup in Myanmar
The UN has described the Myanmar clampdown on the minority group as genocide.
The US had also imposed sanctions on the military following a 1998 protest crackdown.
The military takeover of Myanmar has drawn fresh international condemnation, although it remains to be seen what impact new sanctions will have.
"There's certainly a recognition that this will need to be a coordinated effort,'' said White House press secretary Jen Psaki ahead of Biden's announcement.
US State Department spokesman Ned Price said the US could apply more pressure on the generals by coordinating with partners and allies.
"We can impose costs that are even steeper," Price said.
The UN Human Rights Council is due to hold a special session addressing the events in Myanmar on Thursday.Dapatkan update berita pilihan dan breaking news setiap hari dari Kompas.com. Mari bergabung di Grup Telegram "Kompas.com News Update", caranya klik link https://t.me/kompascomupdate, kemudian join. Anda harus install aplikasi Telegram terlebih dulu di ponsel.