According to foreign ministry spokesman Wang Wenbin, China opposes the use of sanctions as a way of resolving disputes.

When questioned about China's position on Russia being cut off from the SWIFT payment system, Wang told reporters, "China does not support the use of sanctions to solve problems, and opposes unilateral sanctions that have no basis in international law."

In response to the possibility of Chinese corporations joining anti-Russian sanctions, the diplomat stated that Beijing expects the US to respect China's and other parties' legitimate rights and interests in resolving the Ukrainian crisis.

Wenbin emphasized that all possible contributions to a peaceful resolution are encouraged by China, stressing that Ukraine "should become a link between East and West," rather than a confrontation front between global powers.

The spokesman urged all parties to negotiate in order to ease tensions and confirmed that Russia and China will maintain normal trade cooperation in the spirit of mutual respect, equality and mutual benefit. 

Days ago, China's permanent representative to the United Nations (UN) Zhang Jun, called on all sides in the Ukraine crisis to exercise restraint, reiterating China's position on the matter, which is the safeguarding of the sovereignty and territorial integrity of all nations.

Beijing has stressed multiple times that the security of one country should not be achieved at the expense of another country, and that regional security should not rely upon the formation of strengthening military blocs. 

Earlier, the Russian President refuted all claims of alleged plans of restoring Russia's "empire".

Putin said at a meeting with Azerbaijan's President Ilham Aliyev in the Kremlin that "this absolutely does not correspond with reality."

The EU also imposed sanctions on Russia, with sanctions imposed against 351 members of the Russian state duma and 27 "high profile individuals and entities."

Australia and Japan followed suit, whereas China opposed the sanctions, describing them as unilateral and illegal.