Russia has chosen a path that leads to them becoming a Chinese vassal state. China needs their oil, gas, minerals, and food, and is far richer and more powerful. China will end up turning Russia into a resource extraction client state.

Edit: I wonder if China greenlit the invasion precisely because they understand that this will hand them total control of Russia. Putin is a fool who may have been played.

Russia's elite may actually fare very well in the long term, since it'll be similar to how the USA props up the Saudi royal family in exchange for their ability to pump oil and regulate the market price. Russia's people will find themselves more and more disempowered and the country will continue to suffer massive brain drain.