Despite their shared solidarity, Russia and China have differing interests.

• Robert Daly of the Kissinger Institute on China and the United States stated that while Russian President Vladimir Putin and Chinese President Xi Jinping share common interests, they have "very different diplomatic styles and some different goals."
• Daly stated that China and Russia are currently likely to be closer than they have been in the past 70 years.
• Beijing has vowed to support Russia in opposing Ukraine's membership in NATO, but Daly stated that it is not in Xi's best interest to become entangled in the tensions at the Ukrainian border.

Despite being closer in decades, Russia and China don't share identical interests, says the director of the Wilson Center's Kissinger Institute on China and the United States.

Robert Daly stated that while Russian President Vladimir Putin and Chinese counterpart Xi Jinping possess common interests, they also have distinct diplomatic approaches and objectives.

After the Winter Olympics opening ceremony, the two leaders announced a "no limits" partnership in Beijing, and his comments emerged days later.

Daly stated on CNBC's "Street Signs Asia" on Monday that the joint declaration could mark a significant milestone in the relationship between Russia and China.

The two countries are "standing shoulder to shoulder" to counter the United States, but China has a long-standing non-alliance policy, so they don't want to use the word "ally," he said.

"They are now closer together than ever, possibly closer than for the past 70 years," he said.

Russia has sold arms to both Vietnam and India, both of which have had territorial disputes with China in recent years. Despite this, Russia has not fully supported all of China's actions in the South China Sea, a vital commercial waterway for Vietnam, Japan, and others, but which China claims as its own territory.

China remained neutral on Russia's annexation of Crimea in 2014, avoiding taking sides in U.N. resolutions concerning its status.

Ukraine

Beijing has committed to supporting Moscow in its opposition to Ukraine joining NATO, but Daly stated that it is not in Xi's best interest to become involved in military conflicts at the Ukrainian border.

He stated that China maintains good relations with Ukraine and hopes that Russia avoids invading its neighbor.

An estimated 100,000 Russian soldiers have been positioned near the border with Ukraine, a former Soviet republic, causing apprehension about a possible invasion. According to Jake Sullivan, the White House national security advisor, such an event could occur "at any moment."

If China supports Russia, it could face backlash from the United States and its allies, according to Bonny Lin, director of the China Power Project at the Center for Strategic and International Studies.

China would prefer the crisis to continue or de-escalate a bit, as it does not want to bear the costs associated with it, according to what she told CNBC's "Squawk Box Asia."

If Putin attacks Ukraine, China's relationship with Russia will not break, according to the foreign ministry's statement after the leaders met.

Political and economic support

A formal military alliance between Russia and China is a possibility due to their "no limits" partnership, but neither side requires support for this, according to Lin.

Both Moscow and Beijing possess "extraordinary military might," and what they require from one another is political and economic backing, she stated.

If the U.S. imposes punishing sanctions on Moscow, China may look for ways to support Russia, such as cooperation between banks or buying more Russian goods, although the specifics are currently unclear.

She stated that China is unwilling to seriously consider or discuss the matter until Russia takes action and the United States and the West impose sanctions.

The Europeans can impose economic costs on Russia as well.

If Russian natural gas deliveries to Europe were halted, China wouldn't have the necessary pipeline infrastructure to buy the gas from Russia, according to Eurasia Group President Ian Bremmer.

Beijing needs Russia's support "quite a bit less" than Moscow needs China's help, Lin said. However, she said China would want Russia on its side if it decided to increase aggression toward Taiwan, a democratically self-governed island that China claims as part of its territory.

According to Lin, Beijing lacks close, strong friendships and allies as the United States does. Lin mentioned North Korea and Pakistan as China's other partners. Lin stated that Russia is China's strongest partner.

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