The Senate passed a $1 billion aid package for Ukraine today after Democrats conceded a controversial provision of the measure to Republicans.

"This bill is a reality check to [Putin] that the United States will not stand idly by while Russia plays the role of a schoolyard bully," Senate Majority Leader Harry Reid said on the Senate floor.

Earlier this week, Reid agreed to drop reforms that would have increased the lending capacity of the International Monetary Fund after Republicans raised major objections that could have potentially derailed the aid package once it reached the House of Representatives.

The aid package provides for $1 billion in loan guarantees and authorizes sanctions against some Russians and Ukrainian officials.

The measure will now go to the House, which passed its own sanctions bill as well.