StingingVelvet: Uhh... first off, they don't need China to do sanctions. Secondly China is a big supporter of state sovereignty, and already abstained from one security council vote.
The West can definitely hurt Russia over this. Russia's economy relies on Europe, and is already in a rough financial state. Whether Germany and others really go full force on hurting Russia is another matter, but they CERTAINLY would if Russia went into East Ukraine, as you advised them to.
China does not see this as just a "state sovereign" issue. Chinese see many parallels between the US has been doing to China and what the US has been doing to Russia. The US has been "encircling" China, poaching what China considers as its backyards in South Korea, Japan, Vietnam and other neighboring states to surround and contain China -- in the same vein as what the US has been doing to Russia for the past two decades: interfering in Georgia, Ukraine, i.e., right in Russia's backyards, to subvert and sabotage Russia's sphere of influence.
I can tell you A LOT OF Chinese, and I've heard from them and read in many Chinese forums, (where I hang out most of the time,) when Chinese see what what the US and EU have been doing in East Europe and the former Soviet members, immediately recognize that pattern as the exact same thing as what the US has been doing to and around (i.e., surrounding) China. It is almost the exact same tactics. So I think many Chinese -- and China -- can sympathize with Russia, and kinda glad that Russia took a hard stance, and wish China could have done the same and sent a strong message to the US.
China is not going to help the US efforts to encircle, surround, contain, subvert and sabotage Russia via proxy states, when the US have been doing the same things to China.
StingingVelvet: And the whole debate is kind of pointless because the US and EU don't need China to impose sanctions, so there's no point to the discussion. All they need China for is to make a political statement by having Russia be the sole veto to UN Security Council action, which they already got.
Not exactly.
What the US and EU needed was China to vote yes. China knew Russia needed only one vote to veto to UN resolution to invalidate the Crimea referendum, so China knew it did not need to vote at all. The resolution did not need two vetoes to fail. It only needed one.
However, the US and EU really needed China to vote "yes", as a message that the West have "international consensus" or "international backing" on this one, (other than Russia that disagreed.) Anything without Russia *and* China is not exactly an international consensus. However, the vote result showed that there was no "international consensus." It was just Russia vs West. And China clearly saying that they are not with the West on this one and, therefore, it was not exactly an "international consensus" (minus Russia.)