The interesting thing here is that China has the leverage to crush Russia with sanctions. They also benefit from having a strong Russia. They may be able to dictate terms to Russia at this point. They likely can cut off Iranian weapons to Russia as well.
So how big is Chinas desire to present itself as peacemaker to the world? Would Ukraine accept 2021 boarders and no NATO? Could China force Russia to concede that? I don’t think that Ukraine accepts anything less than 2021 boarders. But that would be a pretty big loss for Russia to swallow.
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