The basic premise of this prophecy is that, due to how both Russia, and China, are getting too big and proud for their own good, God will humble them, weaken their militaries, and generally put them in check.  Obviously due to what the bible says about these two nations, this chastising will only be for a time, it will put them in their place, and provide a much needed chastising in the process.  Their ultimate and final chastisements will come in the battle of Ez38 (Russia) and when the kings of the east march down to Armageddon (China).  But, in the meantime, this will temporarily put them in their place and set them aside for a time until they're needed for events that are yet to come, as spoken of in the bible.