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According to Anders Puk Nielsen https://www.youtube.com/@anderspuck, Russia is probably peaking right now, because they have transitioned to war time economy, and they are restoring old Soviet equipment.
The problems for Russia are that their industrial output is declining, despite heavy public investments, in part because of sanctions, and in part because of worker shortage, and their Soviet equipment reserves are dwindling.
Hopefully the situation will get worse for Russia quickly, among other things they are allegedly beginning to experience an oil shortage now. Due to the strategic bombing from Ukraine.
So while Ukraine is hard pressed currently, time is most likely on the side of Ukraine. Which is contrary to what Putin counted on, when he bet the West would quickly tire of supporting Ukraine.
They are now outsourcing labor and materials from their allies. China alone has plenty of both to keep Russia going indefinitely. They will likely not lose a war of attrition any time soon. Putin's bluff will need to be called for this to end in a timely fashion.
China is trying to win over USA and Europe now, receiving visit from Blinken of the US administration, and visiting France and other European countries. So I don't think China is all interested in supporting Russia more than what the west can stomach.
Winning a piss poor economy of 120 million Russian citizens, compared to about 1 billion people in the west with more money is kind of an economic no-brainer.
Also the Russian declining output means a declining economy, and so does declining oil exports. So Russia's ability to pay is declining, and I doubt China feel Russia is a good enough ally to sacrifice their interests in the west, and pay for it too.
But no doubt if China wanted to create problems for us, they could create huge problems by supporting Russia. But it's kind of a lose lose scenario with little if not negative political gain.
Putin made a major miscalculation, and I don't think China want to hang on to that.
I'm sure china is trying to use russia as a bargaining chip. So its in thier inerest to keep the russian war going, while milking what ever they can get from europe/usa. I just wounder what they think they will get from eruope/usa. Or be offered to stop supporting russian war effort?