China has blamed the U.S. and NATO for pushing Russia to breaking point. They have stated that they believe the invasion is very worrying and are offering to take the lead in negotiations between the warring countries as they have strong diplomatic ties on both sides.
The latest actions by China do suggest though that they are more inclined to side with the Russian government as they have stepped up to replace the Swift banking system with their own UnionPay system.
Changpeng Zao the founder and CEO of Binance, the world’s largest cryptocurrency exchange has stated that “wielding the stick of sanctions at every turn will never bring peace and security but cause serious difficulties to the economies and livelihoods of the countries concerned.”
The friendship between Russia and China seemingly was strengthened last month with Russian president Vladimir Putin attending the opening ceremony of the Beijing Winter Olympics, however at this stage China is walking a tightrope between the nations involved in the conflict in the Ukraine.