The U.S., which last month approved $60 billion in military aid for Ukraine that is just starting to arrive, has imposed a series of sanctions on Chinese companies accused of aiding the Russian war effort, and is also threatening to sanction Chinese banks.

During a visit to Beijing last month, Secretary of State Antony Blinken said “Russia would struggle to sustain its assault on Ukraine without China’s support,” and that he had told Chinese officials that “if China does not address this problem, we will.”

Xi, who is seeking to retain or expand overseas markets amid an economic slowdown at home, is also reluctant to alienate leaders in Europe. Last week, during his first visit to the continent in five years, Xi was pressured by…