China already stated they support Russia 100% because they need Russia to defend against the west. There was a document posted by Chinese media yesterday stating how to censor Russia content. Anything pro Russia to be promoted and anything against to be scrubbed.
Edit: This was screen grabbed from Weibo which was posted by Horizon News. (sorry got the wrong news agency)
China's ambassador to UN Security Council today, 45 minutes after the invasion, basically said "we call on all parties to stop escalations and proceed diplomatically." (no shit) Honestly, I'm baffled that this type of trite platitude makes it into the highest important discourse in the world, but here we are, for insane political shirking reasons.
EDIT: China now calling West to blame for situation and there isn't an invasion.
If anyone had any doubts as to the morality of Chinese leadership these days...
China has said Russia should respect Ukrainian territory publicly.
Personally I guess they will support Russia via trade and not partake in sanctions.
Form this I feel the west has to put tariffs or reduce trade on nations that trade with Russia for maximum effect. It could also be a useful way to rebalance the trade with China which is the aim of some western governments.
China is also in a bind as if they recognise the break away regions this gives political credit to Taiwan's independence. From this I suspect they will continue to publicly offer Ukrainian support, and appear as the peace makers, but do little in actual effect.