As Russia piles up casualties in Ukraine while its economy collapses at home, the democratic world appears—at least for now—more united than ever. Russian firms are scrambling to adjust to the country’s status as an international pariah, while big brands are withdrawing rapidly. But it is unclear just where China stands. Beijing is ardently proclaiming its neutrality, even as the U.S. claims it responded positively to requests for military aid and Chinese media promotes conspiracy theories about U.S. bioweapons in Ukraine. What lessons is China taking from Russia’s experiences, especially over a future invasion of Taiwan? Will China move to decouple further from the West, or seek greater leverage to avoid Moscow’s fate?