The unprecedented unrest has further darkened the outlook for the world's second largest economy, triggering a broad selloff in commodities and particularly depressing the oil markets.
A bill that seeks to remove the anti-trust waiver enjoyed by state oil monopolies like Saudi Aramco and Russia's Rosneft has been doing the rounds for the last several years.
While the S&P 500 dropped 1.1 percent, the Dow Jones Industrial Average slid 150 points, or 0.5 percent and the technology-focused Nasdaq Composite was down by 1.7 percent.
Gas produced in the Waha region of the Permian Basin are selling for as little as 20 cents to 70 cents per million British thermal units in comparison with $28 per mmbtu in Europe.
In a revealing estimate, a US Treasury official told Reuters that Russia could sell as much as 80-90 percent of its crude outside of the price cap mechanism.
Since the start of the Ukraine conflict, natural gas prices, a major feedstock for producing fossil fuel-produced hydrogen, has soared by more than 70 per cent.
The group promoted by Gautam Adani, the world's third richest person, held talks with Singapore's sovereign wealth fund GIC and Singapore investment firm Temasek.
It will be interesting to see how the US and the big European energy consuming nations respond to the pressure tactic of the Opec+ cartel, in which Russia is wielding an outsize influence.