Time is long past when President Obama and the Eurozone should have begun to enact "consequences" against Russia's aggressive actions. We see negotiations as a means to resolve conflicts without military action. Russia sees negotiations as a delay tactic used to buy time to solidify their aggressive actions.
Until Putin feels pain he will not stop. We should be enacting economic sanctions now and announce we will be delivering natural gas to Europe ASAP.
Remember, China has existed as a nation before Christ was on this earth. They are patient with long memories with no love lost towards Russia. Chairman Mao's negotiations with the United States in the 1970's had as much to do with building an alliance with the United States to protect itself from Russian aggression as it did with becoming trading partners with the U.S..
China abstaining from condemning Russia's actions in Ukraine has much to do with their feud with Japan over ownership of islands in the south China Sea and their belief that Taiwan is part of their sovereign nation and will want it back.
From a period starting in the 1840's and ending in the 1940's China's influence and prestige in the world shrunk. The nation was humiliated and it has not forgotten and is preparing to do something about it. Remember Hong Kong? China gave up Hong Kong to Britain in the 1840's. They got it back without a war in the later part of the last century.