Still, China remains vital to Moscow's post-sanction survival, with Beijing buying discounted Russian oil and gas, shielding pro-Kremlin narratives on its tightly controlled internet, and exporting dual-use technology. U.S. and European officials have repeatedly accused Chinese companies of helping Russia sustain its military-industrial complex.

Nine of the 20 biggest wealth gainers this year are Chinese, while 15 of the biggest losers are from the US, signaling a sea change in market sentiment.