It's a murky picture. Russia went in to this with a big pile of cash, they planned for it. But they thought it would be done and dusted by now.
We have no idea what they are getting done in terms of trade with other rougue states and how big the deficit is / how long they continue.
China probably does know and they will be calculating what it looks like going forward. And what is in their interest, a failed Russian state is bad for them. But also why would they prop up Putin with no end game in sight?