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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 8, 2017.
Russia Sanctions Review Act of 2017
This bill provides that the following executive orders, as in effect on January 1, 2017, and any sanctions imposed pursuant to such orders, shall remain in effect: (1) Executive Order 13694 (relating to blocking property of certain persons engaging in significant malicious cyber-enabled activities); (2) Executive Orders 13660, 13661, and 13662 (relating to blocking property of certain persons contributing to the situation in Ukraine); and (3) Executive Order 13685 (relating to blocking property of certain persons and prohibiting certain transactions with respect to the Crimea region of Ukraine).
Before taking any action to waive or otherwise limit the application of sanctions with respect to the Russian Federation, the President shall submit to specified congressional committees a report that: (1) describes the proposed action; and (2) certifies that the Russian government has ceased ordering or supporting acts intended to undermine Ukraine's peace, security, stability,sovereignty, or territorial integrity and has ceased cyber attacks against the U.S. government and U.S. persons and entities.
During the 120-day period following a report's submission: (1) the Senate Committee on Foreign Relations and the House Committee on Foreign Affairs shall review such report and certification, and (2) the President may not take action to waive or otherwise limit the application of such sanctions.
The President may not take action to waive or otherwise limit the application of sanctions with respect to the Russian Federation: (1) for 12 days after the date of passage by both Houses of Congress of a congressional joint resolution disapproving such action, (2) for 10 days after the the President vetoes such joint resolution, and (3) if such joint resolution is enacted as provided for by this bill.