The move came after the US, Japan, and other countries in the group of developed industries (G7) agreed last month on steps to revoke Russia’s "most-favored nation" status. Previously, with this status, Moscow enjoyed low tax rates and other benefits of being a member of the World Trade Organization (WTO).
The other bill prohibits energy imports from Russia, including oil, coal and natural gas.
President Joe Biden's administration also restricted flights of American-made aircraft that are owned, controlled or leased by Belarusians from flying into Belarus. The Commerce Department said it will begin requiring Russians and Belarusians to get a special license when seeking to obtain a host of goods from US suppliers.