"The legislation, if enacted, is a big political win for members of Congress who want to take a strong stance on Russia," Elizabeth Rosenberg, a senior fellow and director of the energy, economics and security program at the Center for a New American Security, said Sunday. "It will rearrange the way the global energy industry does business with Russia and significantly increase the risk around dealings with Russia."

Russia was China's biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed on Monday.

Proposed new US sanctions on Russia approved by the Senate could have “unintended consequences”, hitting US jobs and oil and gas projects around the world, the industry has warned.

The U.S. shale boom—which reshaped world markets for crude oil and natural gas before Mr. Trump took office—has only limited impact on Russia’s standing as a major energy provider to Europe and Asia.

Directors underscored that accelerated structural reforms and broader trade relations can help promote a diversified export mix. They also urged the authorities to strengthen property rights, advance privatization, improve governance, and invest in innovation and infrastructure to build the foundations for higher potential growth.

"Russia is among the leading energy countries today. We see colossal unrealized potential for cooperation, for investment -- we will continue working on implementing it with all the interested parties," Novak said.

The energy ministry is forecasting that crude production in Russia will fall by 0.6% year on year to 549.1 million mt, or 11.027 million b/d on average, in 2017 on the extension of the output cut deal.

“If you connect the dots, it is clear that Russia is funding US environmental groups in an effort to suppress our domestic oil and gas industry, specifically hydraulic fracturing,” Committee Chairman LaMar Smith (Tex.) said on July 7 as he released a letter he and Energy Subcommittee Chairman Randy Weber (Tex.) sent to Mnuchin.

"Our gas in Europe sees increasing demand. Gas export pipeline Nord Stream is in demand by more than 100%. On certain days at the last fall/winter season, the flow stood at 111% of its capacity," Miller said.

According to the Supplementary Agreement, gas supplies to China via the Power of Siberia gas pipeline will commence in December 2019.