Congress announced Saturday that a bipartisan deal was struck between House and Senate members on a Russian sanctions bill that is intended to punish the Kremlin for interfering in the 2016 presidential elections.

The bill, which also targets North Korea and Iran, could be voted on by Congress as early as next month before it breaks for August recess, NBC News reported.

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"Given the many transgressions of Russia, and President Trump's seeming inability to deal with them, a strong sanctions bill such as the one Democrats and Republicans have just agreed to is essential," Senate Minority Leader Chuck Schumer said in a statement, CNN reported. "I expect the House and Senate will act on this legislation promptly, on a broad bipartisan basis and send the bill to the President's desk."

"The legislation ensures that both the majority and minority are able to exercise our oversight role over the administration's implementation of sanctions," House Minority Whip Steny Hoyer said in his own statement Saturday, CNN reported. "I look forward to seeing this legislation on the Floor next week, where I'm confident it will receive strong, bipartisan support."

If the bill passes the House and Senate, Trump will be forced to determine the law's fate. President Donald Trump has indicated in the past that he is wary of imposing sanctions on Moscow. Democrats and anti-Trump conservatives have been skeptical of this stance. Russia President Vladimir Putin has long derided U.S. imposed sanctions, which have crippled Russia's economy, especially in the energy sector.

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Earlier this month, it was revealed that Donald Trump Jr. had arranged a meeting with a Russian attorney and members of the Trump campaign, which apparently touched on the topic of sanctions.