In The Age (Australian newspaper) yesterday:
Some in global finance, including the International Monetary Fund, fear the onslaught of Western sanctions means the global economy is splitting into camps in the wake of Russia’s invasion, one led by the US and the other by China, with disastrous consequences.
Sanctions against Russia will continue for long enough that Russia will need to find new structures, agreements and allies to survive them. Clearly this will include China, because they have so much in common besides a shared border. Primarily, the West doesn’t like them.
Instead of military conquering, China is already doing very well with its Belt and Road initiative. Countries that continue with it will be part of a special club. Many countries won’t (for example Victoria in Australia signed an understanding that they would take part, but that seems unlikely).
That club will end up having its own banking system and trading currency. It will increasingly cut off Internet access to foreign countries.
This can happen fast.