There is a growing understanding in the West that the US needs Russia to contain China and that the Biden administration bet against this and lost badly. China also understands that it needs Russia and its vast resources and territory to protect itself from the West.
How exactly did the Biden administration bet that it didn't need Russia to contain China?
My read is that they were "resigned" to Russia starting a war in 2022 for Eastern Ukraine and its own sphere of influence.
China is interested in a secure and friendly Northern border, so that it can focus on the West Pacific.
Therefore this is the perfect scenario for Russia to take advantage of the competition between China and the US. Russia plays its own game and does not trust any side, but will momentarily ally with whoever offers the most long-term advantages.
Russia has become an important swing state in the world and will receive a lot of attention from all sides.
Because of Ukraine, Russian's relations with the West will be broken for years.
I seriously doubt Russia will withdraw from Eastern Ukraine, so at best, there will be a frozen conflict or cold peace between Russia and Europe.