The bill comes as investigations into possible alleged obstruction, meddling and collusion between Trump's team and the Kremlin ahead of the 2016 election, are underway, and will be another obstacle to the president's pursuit of warmer relations with Russia.
House Democratic Whip Steny H. Hoyer said in a statement on Saturday that he was pleased that both parties in the House and Senate "have reached agreement on sanctions legislation that will hold Russia and Iran accountable for their destabilizing actions around the world."
"The legislation ensures that both the Majority and Minority are able to exercise our oversight role over the Administration's implementation of sanctions... I look forward to seeing this legislation on the Floor next week, where I'm confident it will receive strong, bipartisan support."
—Reuters contributed to this report.