The legislation would authorize the Obama administration to target Russians responsible for the military takeover of Crimea or aiding Ukrainian corruption.
The Associated Press obtained a copy of the bill Wednesday. The Senate Foreign Relations Committee plans a vote later in the day.
The bill also would enable the United States to make good on a pledge of $1 billion in loan guarantees to Ukraine's new government. And it would help enhance the lending capacity of the International Monetary Fund, which some House Republicans oppose.