Passed by the House of Representatives early this week, the Countering America's Adversaries Through Sanctions Act was passed by the Senate 98-2 votes.
The bill now heads to the White House for President Donald Trump's approval.
"This legislation finally holds Russia accountable for its brazen attack on America's 2016 presidential election by imposing new sanctions, strengthening existing sanctions, and requiring congressional oversight of any attempt to ease sanctions on Russia," said Senator John McCain, Chairman of the Senate Armed Services Committee.
Earlier in the day, the White House Press Secretary Sarah Sanders said the Trump Administration supports strong sanctions against Russia, Iran and North Korea.
"The President and the administration support sanctions against Russia, Iran, and North Korea.
We continue to support strong sanctions against those three countries, and we're going to wait and see what that final legislation looks like and make a decision at that point," she told reporters.
"President Trump must sign this legislation without delay. Any equivocation or political games from the Administration after today will be completely unacceptable in the face of such overwhelming bipartisan resolve in the Senate and House," Cardin said.
The legislation, McCain said would impose mandatory sanctions on transactions with the Russian defence or intelligence sectors, including the FSB and the GRU, the Russian military intelligence agency that was primarily responsible for Russia's attack on US election.
"The legislation would codify existing sanctions on Russia by placing into law six executive orders signed by President Obama in response to both Russian interference in the 2016 election and its illegal actions in Ukraine. And it would take new steps to tighten those sanctions," McCain said on the Senate floor.
"The legislation would target the Russian energy sector, which is controlled by Vladimir Putin's cronies, with sanctions on investments in Russian petroleum and natural gas development as well as Russian energy pipelines," he added.
"We must take our own side in this fight-not as Republicans, not as Democrats, but as Americans.
It's time to respond to Russia's attack on American democracy with strength, with resolve, with common purpose, and with action," he said.
With near unanimous support in both chambers of Congress, this legislation sends a strong signal to Iran, Russia and North Korea that US will stand firm and united in the face of their destabilising behaviour, said Senator Bob Corker, Chairman of the Senate Foreign Relations Committee.
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