Recent events in Ukraine have once more prompted debates about Russia's changing role and place in contemporary international relations. The imposition of sanctions on Moscow by the United States, EU and some Asian states, signifies a crisis in Russia's relations with the West. In this context Moscow's intensifying strategic dialogue with Beijing takes on greater significance. This paper argues that the close Sino-Russian security and defence cooperation transforms Eurasia's security environment with a possible impact on the Indo-Pacific geo-strategic situation. More broadly, a closer alignment between China and Russia reflects pragmatic approaches of foreign policy agendas of Moscow and Beijing, their intent to deconstruct the US global unipolarity and form the new multipolar global world order.