Could China take advantage on the weakness of Putin´s Russia?

The Ukrainian Minister of Foreign Affairs has asked China to offer Ukraine security guarantees. The request was reported also in Chinese media with critical comments on Russian´s military activities in Ukraine. 

China has thus far been notably neutral in the conflict. The request by Ukrainians, however, put them to a new situation, where all decisions can be interpreted as support to either of the sides.

Russia is an important neighbor to China, but economically insignificant compared to the western world. That would not change even if Chinese could take advantage on the Russian´s blockade from international trade, and use them almost imperialistically as a source of cheap raw materials.

Thus, the Chinese leaders are now in a position, where they are forced to make decisions. And most interestingly, one option for them might be to drive Russian economy so down, that they could ultimately negotiate about the position of the borders between China and Russia. After all, China had to give Russians large areas in peace negotiations around year 1860 - and they have not forgotten that. 

If so, that would be the final step in the loss of Putin´s dream to become a significant Russian  leader comparable to Peter I the Great or Josef Stalin. Instead, he would be remembered as one of the most notable losers in the Russian history.

Previous thoughts on the same topic:
It hurts Russians to learn about the truth
Is President Putin on his way to repeat the destiny of Czar Nicholas II?
Trump is leaving Africa