It is widely known that Russia is owed billions by Ukraine for already-delivered gas (as we noted earlier, leaving Gazprom among the most powerful players in this game). It is less widely know that Russia also hold $3b of UK law bonds which, as we explained in detail here, are callable upon certain covenants that any IMF (or US) loan bailout will trigger. Russia has 'quasi' promised not to call those loans. It is, until now, hardly known at all (it would seem) that China is also owed $3bn, it claims, for loans made for future grain delivery to China. It would seem clear from this action on which side of the 'sanctions' fence China is sitting.

Via RBC Ukraine (Google Translate),

In 2012, The State Food and Grain Corporation and the Export-Import Bank of China agreed to provide Ukrainian corporation loan of $ 3 billion, which was planned to be on the spot and forward purchases of grain for future delivery to China. ... Minister of Agrarian Policy and Food of Ukraine Igor Schweich confirmed that China has filed a lawsuit against Ukraine in a London court for the return of a loan of $3 billion.

The Ukraine minister disagrees with China's case:

"filed false information that there are no claims to us from China. According to the contract have different interpretations, different interpretations, which led to the treatment of the Chinese side in court Gaft who works in London. Registered dispute between the parties exists," - said Minister told reporters. According to him, the parties agreed to take the following week a representative of the Chinese corporation for the possibility of peaceful settlement of the dispute. "We, for our part, will do their steps to ensure that the other party or retract its announcement, or we found another way to a peaceful settlement," - he said. According to Schweich, a meeting will be held on March 26.

Ukraine appears to claim that these loans were made by the previous administration

The Minister added that the main problem lies in the fact that some leaders of PJSC "State Food and Grain Corporation of Ukraine" incorrect information. "These people are now removed during the protest," - said Schweich, noting that China "is relevant to understand." In February 2014. the current Prime Minister of Ukraine Yatsenyuk said that "location $ 3 billion is not found."

While China has been relatively quiet in the background - though abstaining from the UN vote waqs a clear signal of relative support for Russia - this is a meaningful step in the direction of pressure against the West, as yet again, any bailout funds would flow straight to either Russia (gas bill sor callable bonds) or China (agriculture loans).