Stephen Roach states that there's only one individual globally who can impact Putin.

• Stephen Roach, an economist, stated that the "most advantageous move" China could make at present is to facilitate a peace agreement between Russia and Ukraine.
• According to him, there is only one individual globally who holds influence over Vladimir Putin, as stated on CNBC's "Squawk Box Asia."

Stephen Roach, an economist, stated that the "most advantageous move" China could make at present is to facilitate a peace agreement between Russia and Ukraine.

Roach stated on CNBC's "Squawk Box Asia" that he believes there is only one individual in the world who holds influence over Vladimir Putin, and that person is Chinese President Xi Jinping.

He remarked that China has the advantage and it is up to Xi to take advantage of this opportunity.

Across many cities in Ukraine, fighting has intensified and Putin remains unyielding.

Russia's invasion of Ukraine has prompted the U.S., U.K., and European Union to impose sanctions, while China has refused to participate and declined to label the attack an invasion.

Russia has not been condemned by China for invading Ukraine.

Beijing has shifted its stance towards negotiations and distanced itself from Russia more than previously thought during a high-profile meeting between Xi and Putin on the opening day of the Winter Olympics in Beijing. The leaders announced a "no limits" partnership, pledging to work together more against the West.

Roach advised China to "threaten to pull the rug out" if Putin fails to cooperate, stating that it would be a grave error for Beijing to strengthen its partnership with Moscow amidst global pressure on Russia. He warned that such a move would tarnish China's reputation for a prolonged period.

Roach stated that staying that course would be a historic blunder for Xi Jinping, as he cannot afford it.

— CNBC’s Evelyn Cheng contributed to this report.