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Do you think China is really concerned about the instability caused by Russia's invasion of Ukraine, or are they loving this?

I mean Russia is pushing back the boundaries of western influence, while also becoming more dependent on China from the sanctions, while also taking up all the negative news space. Why wouldn't they love it?
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Short term, it's definitely a win for China - consternation in the EU, plus a great source of oil from Russia.

But China plays the long game. And except for Taiwan, they don't like to see countries split up. "China firmly advocates respecting and safeguarding the sovereignty and territorial integrity of all countries," Chinese Foreign Minister Wang Yi said, according to a statement from China's Foreign Ministry. "This equally applies to the Ukraine issue."

China doesn't want to lose Tibet . Or the Uyghur Autonomous Region. Or Hong Kong. So when Russia violates the sovereignty of a neighbor and cuts away a few pieces, this goes against China's long game.