Sets bad precidents (China actually hates regional separatists), makes relations with Western powers rocky, has united NATO and the West at a time when China would really like everyone to fall apart so they can enforce regional hegemony, a couple of other things it’s too early in the morning for me to ramble about.

Cheap fuel is good though, it’s not all bad for them. But that’s incentive for China to see Russia continue to suffer, not to succeed.