It is very clear that US is using European countries to do its containment strategy against Russia. And Russia is subsidizing China energy price to attack US economically.
If the game keep going, it will eventually turn into a full blown warfare with US losing badly because of long logistic line.
Nobody wants a war with Russia, not even Russia itself.
Conquer Russia for what end? It doesn't have anything to offer to the conquerer and you would have to deal with the Russian people, most likely to turn into terrorists, afterwards.
The allies of Russia, in open warfare, are good for nothing. Persians can be a bone hard to chew, but the Chinese in warfare aren't that bright, they are more kin to intellectual development than fighting (even if kung-fu is good for movies and as exercise).
Economic wars will happen all the way, but that's even interesting to watch. A life without a struggle for something is really dull! But no need or wish for open warfare.
After WW2, military confrontations between the USA and the USSR (now Russia) have been led through proxy wars. The last attempt at such a war was made in Georgia, but this country happened to be an easy target for Russia (despite their bravado of having the strongest army in the ex-USSR and the alleged U.S. support), now we have Ukraine as the next victim of such a war. So nothing has really changed since after the end of WW2, which boils down to avoiding direct confrontation at all means.