I don't think we're in WWIII. I think we are in Cold War 2.0. Just saw a CNN article describing Biden talking to pariah countries Iran and Venezuela, as well as KSA about allowing them to sell their oil internationally (for the former) and upping production (for KSA). They're hoping to keep Russia from selling its oil.
Consequences?
I read Russian banks have turned to China in droves. I'm thinking the same will happen with the oil. I don't know if Europe is ready to shut off Russian oil like the Americans who only relied on them for just 3% in the first place. If Europe does the same thing, I think they'll guarantee Russia becoming even more heavily dependent on China.
In other words?
A weakened Russia and even stronger China is what we're looking at. Whether that's better/worse for American exceptionalists, we'll see.