The Russia–Ukraine conflict from 2022 to the present is a clearly military conflict reflecting the contradictions in geopolitical competition while also generating significant impacts on the global economy. In the context of comprehensive Western sanctions, Russia has faced increasing isolation, forcing Moscow to reorient its external economic relations. At the same time, China–amid intensifying strategic competition with the United States–has strengthened economic cooperation with Russia to secure energy supplies and maintain supply chain stability. This study examines China–Russia economic relations within the framework of the Russia–Ukraine conflict. The findings suggest that China plays the role of an “indirect strategic supporter,” helping Russia adapt to sanctions while pursuing a strategy of flexible neutrality to balance national interests and mitigate the risks of direct confrontation with the West.