US Senate passes Russia sanctions bill

The bill as originally introduced was exclusively about slapping new sanctions on Iran. The package also would require a congressional review if a president attempts to ease or end current penalties.

Congress could then disapprove and ultimately block the president from rolling back sanctions with a two-thirds vote.

Senate Minority Leader Chuck Schumer (D-NY) told CNN that "we moved to make the Congress, not the President, the final arbiter of sanctions relief when necessary".

Senators in both parties pointed to the agreement, and the broader Iran bill, as an example of bipartisanship in a Senate that has been locked in partisan fights for most of the year. In a 98-2 vote on Thursday, the Senate overwhelmingly approved a series of sanctions to punish Russian Federation for meddling in the 2016 U.S. presidential election. It also imposes secondary sanctions on foreign entities doing business with certain Russian energy projects, to include foreign financial institutions that facilitate those activities.

"This will, indeed, complicate Russia-American relations".

The bill, which passed by a vote of 98-2, would ensure that President Donald Trump could not unilaterally lift sanctions against Russian Federation; any attempt to do so would have to be approved by Congress.

The bipartisan support for the year's most significant GOP-backed limitation on Trump comes as the White House remains silent on the plan to sanction Moscow, even as President Putin pushes back at USA intelligence officials' conclusion that Russian actors conducted cyberattacks to disrupt the 2016 presidential election.

The two senators who voted against the measure were Republicans Rand Paul (Ky.) and Mike Lee (Utah).

The legislation also allows new penalties on key elements of the Russian Federation economy, including mining, metals, shipping and railways.

Congressional review is required under detailed procedures before removal of sanctions or making major licensing moves that impact USA foreign policy. "The Foreign Affairs Committee is reviewing the details in this latest sanctions package being voted on in the Senate, and after that we will determine a path ahead in the House".

Through an amendment, senators added the Russian Federation sanctions, to add weight to their concerns over Russia's support of the "murderous Syrian regime", military intrusion in Ukraine and "malicious" cyber activity, Ernst said.

The measure looks to punish Russian President Vladimir Putin for his country's alleged meddling in the 2016 USA presidential election and to make Iran pay a price for its "continued support of terrorism".

William Jackson, senior emerging markets economist at Capital Economics in London, said the near-term impact on Russia's economy would be limited as Russia's largest companies have already been subject to sanctions for several years.

European allies, Germany and Austria, expressed concern for the impact the Russia sanctions could have on Russian natural gas supplies with Europe.