"It's not in China's interest to have Russia collapse. So I think a coupling of Russia to the Chinese system feels like the default outcome right now." - Samo Burja
Resulting in high energy prices in Europe, slow de-industrialization and impoverishment of Europe.
China is the only winner of a conflict between Europe and Russia, Burja said, although he said the US could benefit long term from the goings on (because the US can be energy independent and produce oil, in addition to other reasons).