Republican senators introduced legislation on Thursday aimed at blocking Huawei Technologies Co. from buying or selling U.S. patents in the latest action by Washington targeting the Chinese telecom giant.

The bill sponsored by Sens. Marco Rubio (R., Fla.) and John Cornyn (R., Texas) seeks to enable the federal government to block companies on a U.S. government trade blacklist from buying, selling or exclusively licensing U.S. patents, according to draft text reviewed by The Wall Street Journal.

The...