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IMO the conflict between Ukraine and Russia is subservient to the wider contest between US-the west, and China.
China backs Russia by buying the oil and gas and supplying Russia with the manufactured goods Russia needs to sustain the war.
It is a win win for China- discounted oil and gas supplies and significant sales of goods to Russia all the while also supplying Ukraine with the supplies it needs to fight back.
At the same time the war reduces US-the wests supplies of war materials and costs the west in terms of energy supplies.

China has won the trade war and US global hegemony is being challenged.
China can now provide a near full service alternative to nations like Iran and Russia who are sanctioned out of SWIFT and trade with the west.
China is in a position of significant strategic and military power projection capacity because it converts commodities into manufactured goods more efficiently than anyone else can.

The world trades with China so much because they offer the best price for commodity exports and manufactured goods imports.

The US-west is spending huge sums both in Ukraine and the Middle East conflicts, running down military stocks and facing a stalemate while China has profited from cheap oil and near exclusive export markets in Russia and Iran.

China is playing both sides, staying out of direct conflict, supplying Ukraine, Russia and Iran with parts, while US western military is depleted.

Trumps Iran war has reduced the flow of oil from Iran and other gulf energy exporters to China, but Chinas massive oil reserves are still holding up while many US allies fuel supply chains are close to collapse.

In large part war is an economic function- and so far in the contest China is mostly profiting while the west is mostly being depleted financially and militarily.

Ukraine and the Iran-Middle East conflict are both proxy wars between US and China in a contest for global dominance.

Arguably, China is winning without being involved directly in the fighting.

Sun Tzu - 'The supreme art of war is to subdue the enemy without fighting.'