The US House of Representatives voted overwhelmingly in favor of a bill Tuesday to provide Ukraine with $1 billion in loan guarantees and authorize sanctions against Russian officials in response to their actions in Crimea, RIA news agency reports.

House lawmakers passed the measure by a 378 to 34 vote, after earlier being approved by the Senate.

The bill now awaits the signature of President Barack Obama to become law.

The legislation, which backs a $1 billion aid package for the Kiev government, would provide an additional $50 million to help promote democracy in Ukraine.

Additionally, it authorizes $100 million for enhanced security cooperation by Ukraine with other states in Central and Eastern Europe.

Besides the financial assistance, the bill imposes sanctions, including visa bans and asset freezes, against Russian officials allegedly accused of undermining Ukraine's territorial integrity.

The White House hailed the vote.

Spokesman Jay Carney issued a statement saying the bill will help Ukraine take the "essential steps to restore economic stability and return to growth and prosperity."

Crimea declared its independence from Ukraine following a referendum last month which saw over 96 percent of voters chose to rejoin Russia.

Russian President Vladimir Putin later issued a decree integrating Crimea into the Russian Federation.

The move triggered a massive outcry in the US and the EU, leading to the levying of targeted sanctions.

Both the American and European blacklists are aimed at individuals deemed to have been engaged in undermining the territorial integrity of Ukraine.

Leaders of the G7 countries have also warned Russia of further, broader economic sanctions if tensions continue to escalate.

In response to the measure, the Russian Foreign Ministry said that sanctions against Russian high-ranking officials are counterproductive and reflect an unwillingness to accept reality and a desire to impose a unilateral approach on the world.