Yup, the United States executive branch is claiming passing the bill itself is a "deterrent" so they don't actually need to execute it.
In addition, House Rs in conjunction with the White House are releasing a partisan memo claiming DoJ/FBI abuses in surveilling Carter Page, one of the Trump associates with the longest and closest ties to Russia. They are also investigating the DoJ and FBI for seeking evidence related to the election interference.
To recap, a foreign adversary attacked America in the last election, and the stance of the President who benefited from it, and a sizable chunk of the Republican Party, is that the foreign adversary doesn't need to be punished but the American law enforcement agencies that investigated them do.
There are some reasons other than masking serious crimes for this to happen - dumb blind ego on the President's part, a desire to have Russia do it again in future elections, or perhaps they just thought this approach was more consistent with "America First". But make no mistake, this is a full-blown Constitutional crisis and it's going to get uglier until it stops.