The legislation will next head to the Senate.
The bill also suspends normal trade relations with Belarus in addition to Russia. It has bipartisan support and was introduced by House Ways and Means Chairman Richard Neal, a Massachusetts Democrat, along with the panel’s ranking member Kevin Brady, a Texas Republican.
Senate Majority Leader Chuck Schumer said in floor remarks Thursday morning that he would work quickly to move a bill through the Senate to revoke permanent normal trade relations with Russia once the bill passed the House.
“Both parties remain united in sending Putin a clear message: His inhumane violence against the Ukrainian people will come at a crippling price and today’s step by the House is another way we’re making that come true,” Schumer said. “When the House passes this bill, I expect it will have broad bipartisan support here in the Senate and I will work with my colleagues to find a way to move it through this chamber quickly.”