A new GOP bill seeks to penalise China for importing Russian energy and oil

Tuesday saw the introduction of a bill by Republican senators that would forbid China from acquiring Russian energy supplies in order to prevent Moscow from funding its conflict with Ukraine.

According to Bloomberg, the bill from North Dakota's Kevin Cramer and Florida's Marco Rubio would penalise anyone who insures or registers tankers that transport oil or liquefied natural gas from Russia to China.

"Any entity, including Chinese state-run companies, helping them in that effort should face serious consequences," Rubio said in a statement.

In the three months leading up to the end of May, China spent $18.9 billion on Russian oil, gas, and coal, nearly doubling its previous spending level.

But lately, it has become less voracious in consuming Russian energy. The amount of crude shipped to China and India has decreased by about 30% since their peaks. Additionally, the Chinese demand has decreased by 52,000 barrels per day from the previous period, according to a rolling four-week average. The largest oil refiner in China reduced this month's purchases of Russian crude.

The proposed legislation is another effort by the West to punish Russia for its involvement in the conflict in Ukraine, joining the US energy embargo and the upcoming EU oil embargo.

The White House's initiative to cap Russian oil prices, which is supported by the G7, in an effort to prevent further strain on energy supplies while limiting the Kremlin's revenue, may conflict with the GOP bill.