This article firstly analyzes the impact on global energy, food and supply chains caused by Russia's "special military operation" on Ukraine since February 24, 2022. The warfare incurred comprehensive sanctions against Russia from the West and caused high oil prices, high food prices and “Renminbization” of Russian financial markets. This paper argues that although China is affected by high oil and grain prices, the impact on China’s economy and finance brought by the war has been considerably alleviated because of the purchase of discounted crude oil from Russia and the opening of Russia's wheat imports. On the financial side, as Russia has shifted significantly to the Renminbi in terms of monetary functions of “medium of exchange” and “store of value”, this has increased the incentive for using Renminbi to replace the US Dollar.