WASHINGTON—Leading U.S. senators from both parties proposed new sanctions against Russia that would markedly increase Moscow’s economic isolation and could limit President-elect Donald Trump’s ability to improve ties with the Kremlin.

Tuesday’s proposed legislation would set in stone many of the sanctions the Obama administration levied against Russia after revelations of election-related cyberhacking, and significantly broaden the restrictions against companies seeking to invest in Russia’s energy sector and the state-run corporations that dominate the country’s economy.

The sanctions, which U.S. officials acknowledge could lead to retaliation by the Kremlin, also would directly target U.S. and foreign banks that help Russia sell sovereign debt, a restriction the Obama administration had previously preferred to assert more informally, through conversations with Wall Street executives.