Jul 27 2022
The Russian Federation makes much of its revenues from the sale of oil and natural gas, which Putin uses to fund his war on Ukraine. In response, the European Union has prohibited the issuance of insurance to any vessel carrying Russian oil exports. However, the Peoples’ Republic of China (PRC) continues to leverage its insurance industry and sovereign insurance guarantees to insure vessels exporting Russian oil and natural gas to the PRC.
To further cut off Russia’s revenue and combat Beijing’s continued support for Putin, U.S. Senators Marco Rubio (R-FL), Rick Scott (R-FL), and Kevin Cramer (R-ND) introduced legislation to impose mandatory sanctions on any entity which registers, provides insurance to, or facilitates registration of any vessel engaged in the shipment of Russian oil, petroleum products, or natural gas to the PRC. The sanctions would terminate when the President certifies to Congress that the Russian Federation has withdrawn its forces from within the internationally recognized borders of Ukraine.
“The Chinese Communist Party’s continued support for Putin’s war on Ukraine is not surprising. Putin and Xi are dictators who want to see America and our allies weakened. Any entity, including Chinese state-run companies, helping them in that effort should face serious consequences.” — Senator Rubio
“Vladimir Putin and General Secretary Xi are our enemies, and no business should be doing anything to help them. As Russia continues its violent invasion of Ukraine and tries to ship oil to Communist China, Congress can make clear that Americans will have no part of it.” — Senator Scott
“The peaceful tools of energy can easily become the weapons of war. Look no further than Vladimir Putin’s unwarranted and unprovoked war on Ukraine amidst record high oil prices and weak U.S. leadership. The Countering Communist China’s Financing of Russia’s War on Ukraine Act imposes economic sanctions to stop the sale of Russian petroleum exports to China and further cripple the Russian war chest.” — Senator Cramer
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