1) Russia will happily supply China with oil and other resources, and China will pay by industrial good and all other stuff they produce. China is working really hard on getting rid of dependence on foreign energy sources, any leverage Russia might get if it became the sole supplier of oil/gas to China is very temporary and Russia knows it. Furthermore, unlike USA, it has no delusion of ever dominating China - China already has them by the balls.

2) mostly face saving, but also: Ukraine will remain openly hostile, NATO or not, planning to have hostile (EU) forces on its territory as 'security guarantor'. Russians still believe Ukraine will collapse (those men will eventually run out/economy will collapse/EU will not send its children to die on the eastern front) and they will be able to have a friendly (or at least truly neutral) government there. Russia's paranoia about the west is really strong, well founded and well documented.