Amid a Russian spokesperson "hoping" tensions do not escalate into a new cold war with the US, China has come out (perhaps unsurprisingly) on Russia's side strongly condemning any sanctions:

"China has consistently opposed the easy use of sanctions in international relations, or using sanctions as a threat.”

The comments from China's Foreign Ministry reflect the country's close ties with Russia and confirm what Russia's ambassador to Canada noted, we "can always turn to China if the West follows through on threats of tougher sanctions," adding that "Western countries would largely be hurting themselves if they impose tougher sanctions."
 

Some cryptic words this morning:

• WESTERN STATEMENTS ON UKRAINE MAKE US THINK OF TASKS, MEANS AND SACRIFICE THEY ARE WILLING TO MAKE - RUSSIAN FOREIGN MINISTRY
• *PESKOV HOPING FOR COMMON GROUND WITH WEST ON UKRAINE: RIA
• *PUTIN SPOKESMAN DOESN'T SEE NEW COLD WAR, RIA SAYS

Furthermore, as The Globe and Mail reports, it is clear the Russians have a plan...

Russia’s ambassador to Canada says he was surprised no one bothered to speak with him about the crisis in Ukraine before he received a diplomatic dressing-down last Saturday, and added his country can always turn to China if the West follows through on threats of tougher sanctions.

In a wide-ranging interview with The Globe and Mail, Georgiy Mamedov insisted Russia wants to see the crisis in Ukraine resolved peacefully.

And he said Western countries would largely be hurting themselves if they impose tougher sanctions or make good on warnings that they could boot Russia out of the G8.