The atmosphere is thin at 400 km, but it's still there and the ISS is in it.
The velocity of a circular orbit at that altitude is about 7700 m/s and escape velocity is the square root of 2 larger than that. So unless the gas was vented at a velocity of 3000 m/s relative to the ISS (which it certainly isn't), it would remain in orbit around the Earth.
Over time, through collisions, it would equilibrate with the other gas molecules in the upper atmosphere, and slowly diffuse and mix with lower layers.
In the mean time the ISS will occasionally run into a few of those molecules, which along with the others, will be a slow but inexorable source of drag, slowing the ISS down.
There is some similar discussion in this answer to the somewhat similar question Does “What happens beyond Kármán, stay beyond Kármán”? though that one is about exhaust that really could be emitted at escape velocity.