Censor.NET reports citing Bloomberg.
The proposal is a signal that some in Congress intend to push back on the Trump administration's moves to explore an improvement in relations with Moscow.
Panel Chairman Mike Crapo of Idaho and top Democrat Sherrod Brown of Ohio said their bill would authorize "broad" new sanctions targeting sectors of Russia's economy including mining, metals and railways.
It would codify and strengthen existing sanctions included in executive orders affecting Russian energy projects and debt financing in key economic sectors, the senators said in a press release.
"Despite existing sanctions, Russia remains a hostile, recalcitrant power, deploying its military, cyber-enabled information espionage activities, and economic tactics to harm the United States and drive a wedge between it and its allies," the committee statement said. "There is significant congressional interest in ensuring sanctions on Russia are effective and proportionally enhanced, particularly in light of continuing Russian intransigence in these areas."
The text will be released later, according to the statement.
In 2014, the European Union, the United States and several other countries imposed sanctions against Russia following its occupation of Crimea and aggression in eastern Ukraine. These restrictive measures were repeatedly extended and expanded. In particular, the talks on visa waiver and a new basic agreement on cooperation were suspended; several Russia's officials were banned to travel to the EU while their assets were attached. Trade, financial, and military restrictions were introduced.