This is their best chance to escape their coming economic trap. They control so few actual resources beyond labor.
Is that actually the case? I am not sure how many resources china has in their own country (I assume there are a few with it being this vast), but I think they are tackling the resource problem more so with their investments in Africa and other poor countries. And because of the war Russia also has fewer countries to sell to besides China.
I think the true longterm problem is actually with the cheap labour force you mention. As the standard of living rises, so do wages. And more importantly they’ll experience the same demographic shift other developed countries are currently experiencing with an aging population. With the difference that it’ll be worse for them due to the one child polic.
There might be public displeasure about it, but I think behind the scenes India buying Russia oil is expected and at least to some degree accepted (or possibly even wanted).
The bigger thing is Russia not generating profits from those sales, which I am speculating is not the case at the prices India is buying at. The upside by Russian oil still being available to the world market is keeping the prices lower, something Europe is very much interested in.