Well, yes, and I imagine any nation that may face sanctions from the USA and its vassal and client states will be working towards not being reliant on the USA or its vassals for anything, as well as slowly dumping the dollar.
No chance in hell China and Russia wins here, against such a formidable alliance. They will merely slowly fade away in the global economy, into obscurity.
China has a huge risk right now that their top down decision making will make major bets on the wrong thing and waste tons of money just as they are about to be super old with no workers to support the elderly (especially if they are all spending time trying to make an OLED display :)).