>I'd speculate the whole action is to force the West to a new deal with Russia, so they can balance China.

If they are serious about partnering with the west, they should have embraced reforms and become a member of NATO. The fact that they haven't is indicative of Putin's plan to counter the west. It's more likely they will partner with China just because Putin isn't thinking beyond that. He's 70 after all and they have no effective playbook against China (ala Foundation of Geopolitics against the west).