The US Senate just handed the crypto industry an unlikely marketing pitch. A bipartisan bill introduced on July 14 would slap tariffs of up to 100% on oil and gas imports from the top five purchasers of Russian energy. China, the largest buyer of Russian crude, is not amused.
Beijing fired back almost immediately. Chinese Foreign Ministry spokesperson Lin Jian called the legislation an unlawful unilateral sanction that lacks United Nations Security Council approval. He emphasized that China would protect its companies’ legitimate rights and interests.
What the Sanctioning Russia Act actually does
The legislation, formally called the Sanctioning Russia Act of 2026, targets the five biggest purchasers of Russian oil and gas. That list includes China, India, Slovakia, Hungary, and Azerbaijan. China pulls double duty as both the top crude oil buyer and a leading gas importer.
This bill is a scaled-back version of an earlier proposal. The original floated a blanket 500% tariff. The current 100% cap is Washington’s idea of compromise.
