Adapting land based aircraft for use on aircraft carriers is seldom successful. The Flanker adaptations look competent but would probably not have happened if Russia and China had experience in building carrier aircraft. The reverse, adapting a naval aircraft to land based service, is also rarely done. A notable exception is the F-4 Phantom II.
The Soviet had prior experience with Yak-38, though it's not comparable to the Su-33. Had the Soviet Union not fallen, the Soviet Navy would've operated 4 x Kiev class, 2 x Admiral Kuznetsov class, and 1 x Ulyanovsk class carrier. The fixed wing aircraft would've included the Su-33, MiG-29K, SU-25UTG, Yak-44, and Yak-41M as replacement for the Yak-38.
At present, the Russian Navy's carrier aviation wing is not big enough to justify the cost of developing its own new aircraft, but joint ventures with India is definitely possible.