The speaker highlights the significance of diplomacy among the US, Russia, and China, and emphasizes how tension between the two countries benefits China. He also praised Trump's decision of calling for a summit with Putin to reduce tension in June last year.
Obama had the right instincts on Ukraine, avoiding a war as America didn't have a vital national interest in going to war with them. The State Department lifers incited the regime change, which caused the coup in 2014.
The US, China, and Russia dynamic can be seen as a one, two, and three-player game with each one trying to diminish value. The Chinese are likely enjoying the current tensions between the US and Russia while the speaker believes that Biden has good instincts but made a mistake in not seeking to dial down the tensions with Russia quickly.