Declares that it is the policy of the United States to remain fully committed to a multifaceted engagement with the Russian Federation, including by urging the Russian Federation to ensure that its laws and policies in conformity with Organization for Security and Cooperation in Europe (OSCE) standards provide for the free emigration of its citizens and recognize human rights.
Declares that the trade agreement between the United States and the Russian Federation that entered into force on June 17, 1992, remains in force and provides the United States with important rights, including the right to use specific safeguard rules to respond to import surges from the Russian Federation.
Requires the President to notify Congress not later than five days after the United States has entered into a bilateral agreement with the Russian Federation on the terms of its accession to the World Trade Organization (WTO). Provides for congressional disapproval of such agreement.