Why it matters: The bill would raise tariffs on goods from Russia and Belarus and give President Biden power to impose even stricter import taxes on their exports.
- Lawmakers voted 424-8 in favor of the bill. It now heads to the Senate.
- Biden announced his support for the measure last week.
The big picture: Russia’s economy is already suffering from economic sanctions, with the International Monetary Fund predicting that it will fall into a “deep recession” this year.
- The U.S. has imposed a ban on Russian oil, natural gas and coal imports and technology imports, as well as sanctions on several Russian banks, oligarchs and businesses.
- EU and NATO countries have also raised similar sanctions against Russia.
What to watch: Senate Majority Leader Chuck Schumer said on Thursday he will work quickly to move the bill through the Senate.
- “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.
- “I will work with my colleagues to find a way to move it through this chamber quickly.”