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Twitter said it has earned $1.9 million from RT since the outlet became an advertiser in 2011.
Partly involved in the USA investigations of Russia, Twitter on Thursday said going forward it will ban advertisements on its platform that come from two Russian news agencies - RT and Sputnik.
The decision is effective immediately, Twitter said.
"Twitter's decision should prevent these entities from pushing Russian propaganda in front of users who may not realize the manner in which Russia employs both RT and Sputnik to spread disinformation and undermine democracies around the world", Schiff said in a statement.
The Twitter social network has banned Russia Today (RT) and Sputnik's Russian-language commercials, the BBC reported.
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Twitter said the funds will support external research into the use of Twitter in civic engagement and elections, including use of malicious automation and misinformation, with an initial focus on elections and automation. "It is especially unfortunate that the american media in Russian Federation, now, are likely to feel the softness of the retaliatory measures of Russian Federation". It is not clear what other correspondence took place between RT and Twitter over the issue.
Russian Foreign Ministry spokeswoman Maria Zakharova called the move an "aggressive step" which was the "result of pressure from some of the United States establishment and security services".
Twitter is cracking down on Russian media advertising via its platform.
Such decisions may end up "making it harder for some people to spread both false and true information", he told Al Jazeera. "This matter has not been taken to court and there has been no trial".
Twitter announced Thursday, shortly after Simonyan's remarks, that it would no longer run ads from Russian-funded news outlets RT and Sputnik.
"If you look at the Russian Federation bashing info-warriors, some of them employ as much lies, as much misinformation as Russia-linked agencies do", added Ragozin. "They [social media companies] have to show they know where the money is coming from".