But Barbara Woodward, a former British ambassador to China, told CNN that Beijing has been expressing growing concern about the “gravity of the conflict” and may not be able to resist taking some sort of position. While Beijing has reportedly conceded that the conflict in Ukraine is a “war,” its failure to more explicitly condemn Moscow’s aggression has drawn a backlash, amid widely televised images of shelled Ukrainian cities, injured civilians and refugees fleeing for their lives. Meanwhile, Ukrainian officials have appealed to China to use its close relationship with Russia to convince Putin to halt his invasion.

“We will continue to facilitate peace talks in our own way,” was Wang’s response to a reporter’s question on the topic. But the longer the war continues, the greater the diplomatic difficulties for Beijing.

“I do think Russia might want to use the Chinese system and currency more after the ban,” says Dragon Tang, a professor of finance at the University of Hong Kong’s Business School. “However, China is also careful about the situation and will not just team up with Russia.”