The idea to regulate only international peering looks best so far. It's much like (m)any other regulations that are only present on the border between countries, and are absent inside.
The concepts of "national" and "international" don't map very well to the internet.
Many companies run multiple ASes, and many companies are peering at IXPs all over the world...
With China specifically it could work, because they internally control their points of peering with the rest of the world. With Russia, less so. With a "normal" Western country, likely infeasible, but in the latter case the internet access is not controlled and weaponized by the government, so there is no real need, self-regulation suffices.