China's leadership views a Russian defeat in Ukraine as unacceptable, Chatham House CEO Bronwen Maddox warned in an exclusive Bloomberg interview. Maddox emphasized Beijing sees a weakened Russia as destabilizing for global markets and energy security. The Chatham House head cited China's economic dependence on Russian energy exports and its strategic interest in maintaining a multipolar world order. This stance could influence Beijing's future diplomatic support for Moscow, potentially affecting Western sanctions enforcement. Market analysts suggest this positions China as a critical, though cautious, player in post-war reconstruction talks, where it may demand concessions in exchange for aid. The implications for energy prices and geopolitical alliances remain significant, though concrete policy shifts are unlikely soon.