The move comes in response to a recommendation from Lithuania's Council for the State Awards.
Drobiazko and Vanagas were awarded the Knight's Crosses of the Order of Gediminas in 2000.
Under the Lithuanian law, state awards may be revoked if recipients' actions degrade the name of awardees.
The presidential office said earlier it would consider stripping the ice dancers of their states awards, if they took part in a performance in the Russian city of Sochi, organized by ice dancer Tatyana Navka who is the wife of Dmitry Pesko, spokesman for the Russian president.
Drobiazko and Vanagas live in Russia.