The U.S. issued a stern warning to China Thursday, stating that the country and Chinese companies would face serious consequences if they helped Russia circumvent sanctions. U.S. officials previously stated that they are prepared to impose "the mother of all sanctions" against Russia if ever it does decide to invade Ukraine.

U.S. State Department spokesman Ned Price gave the warnings after Chinese and Russian officials held a meeting in Beijing to discuss their positions on Ukraine. Price warned that any company or entity, particularly those in China, would face serious consequences if they helped Russia circumvent or evade U.S. export controls.

Chinese Foreign Minister Wang Yi reportedly met with his counterpart in Russia, Sergei Lavrov. Wang reportedly expressed "understanding and support" for Russia in the matter, stating that it understands its national security concerns over the build-up of U.S. and NATO forces in Eastern Europe. Apart from Ukraine, the two ministers also discussed their positions on other regional issues such as Afghanistan and North Korea.

The U.N. Security Council is due to meet on Friday at the request of the United States and Britain after North Korea's launch of an intermediate-range ballistic missile last weekend.

The United States has been pressing for tougher international penalties on North Korea following a recent string of missile launches. Last month China and Russia managed to delay a move to impose U.N. sanctions against five North Koreans involved in the country's nuclear weapons development.

President Vladimir Putin is now in Beijing with Lavrov. The Russian delegation is scheduled to meet with Chinese President Xi Jinping on Friday before attending the Beijing Winter Olympics' opening ceremony.

Allies of the U.S. have also warned of significant sanctions against Russia if it decides to move ahead with its invasion of Ukraine. The U.S. said it is prepared to impose financial sanctions and export control measures to cripple Russia's economy. Price said without the ability to trade with the U.S., Europe, and its Asian allies, Russia would be hard-pressed to maintain its productive capacity.

On Wednesday, White House officials confirmed that they are working with allies in Asia - including South Korea and Japan - on creating sanctions against Russia. Price said strengthening its ties with China will not help Russia mitigate the consequences it would face in response to an invasion.

Last week, U.S. Secretary of State Antony Blinken held a discussion with Wang about the potential consequences Russia will face if it takes action.

The Chinese embassy in Washington slammed the threats, stating that it only serves to create further tension, which is not helping ease the crisis in Ukraine. The embassy's spokesman, Liu Pengyu, said such statements would only add to more uncertainties, and China "firmly opposes" such threats.