The bill, cleared by the Senate in a 98-2 vote, would limit Trump's ability to lift or waive sanctions against Russia, and imposes new sanctions on Iran and North Korea. It passed the House earlier this week in a bipartisan 419-3 vote.
"The President and the administration support sanctions against Russia, Iran, and North Korea," White House Press Secretary Sarah Sanders said Thursday. "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."
In an interview with CNN Thursday morning, incoming White House communications director Anthony Scaramucci suggested Trump could veto the measure.
"He may sign the sanctions exactly the way they are, or he may veto the sanctions and negotiate an even tougher deal against the Russians," he said.
Republicans and Democrats urged Trump to quickly sign the measure into law after the House and Senate cleared it with veto-proof majorities in both chambers.
"This bipartisan bill is about keeping America safe, and I urge the president to sign it into law," House Foreign Affairs Committee Chairman Ed Royce, R-Calif., said in a statement.