Updated 1:32 p.m. ET, 3/5/2014
(CNN) - The House Foreign Affairs Committee proposed a bipartisan resolution on Wednesday condemning Russia over its military intervention in Ukraine and urging economic and other sanctions in response.
The non-binding proposal said Russia's action poses a threat to international peace and security.
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It calls on Russia to remove "all of its military forces" from Ukraine's Crimean peninsula, other than those operating in accordance with a treaty on operations of the Black Sea Fleet.
The resolution also calls on President Barack Obama to not attend the upcoming G8 summit of industrialized nations in Sochi, and to "consider expelling" Russia from the group "given its international aggression."
It urges the administration to work with "our European allies and other countries" to "impose visa, financial, trade, and other sanctions on senior Russian officials, majority state-owned banks and commercial organizations, and other state agencies, as appropriate."
The measure would not carry the force of law, but would instead express House sentiment on the matter, according to committee chairman Ed Royce, who added that he expects bipartisan support when the panel puts it up for a vote as early as Thursday.
Royce said he and the top Democrat on the committee, Rep. Eliot Engel of New York, drafted the proposal.
Some top business figures with close ties to Russian President Vladimir Putin "have a tremendous amount of money" in western banks and "they laundered that money to get it there, so it's very susceptible to asset freezes," Royce said.
Royce said the resolution was "a first step," but he stressed that it would serve as direction to the Obama administration and the Kremlin "in terms of where the U.S. Congress stands" on the matter.
Obama and Secretary of State John Kerry have already warned Putin of possible international sanctions and other steps to isolate Russia diplomatically and economically if he escalates the Ukraine crisis.
The goal of such an approach would be to hit Putin where it hurts by weakening the ruble and Russia's economy while avoiding the possibility of igniting an already volatile crisis to a new level of confrontation and possible violence.
Congress will have a say in the focus and size of the U.S. response.
Multiple congressional committees are discussing how to move forward with sanctions against Moscow as well as other legislation aimed at helping Kiev.
A separate loan guarantee package is moving through the House Appropriations Committee, and a senior House Republican leadership aide told CNN a vote on that measure could come as early as Thursday as well.
The Foreign Affairs Committee resolution says the United States should participate with European allies and other countries in a joint effort to "provide Ukraine with financial, economic and technical assistance."
Senate Majority Leader Harry Reid said earlier this week that the United States should only consider sanctions in coordination with Europe.
Some European allies, particularly Germany and France, are balking at sanctions before giving diplomacy a chance.
The Obama administration has already extended $1 billion in loan guarantees to help insulate the Ukrainian economy from the effects of reduced energy subsidies from Russia.