As the title implies, who are the Variags? I know there are quite a few loremasters in this wiki. I have been doing some extensive research on the Variags, and have come up with my own theories. This is really just a post on my theories, feel free to chime in.
First off the word Variag, now the obvious answer is that it is a play on Varangian. The Varangians were Vikings that travelled east into modern day Russia, Belorussia, Ukraine, Moldova, Turkey, and even as far as Greece. They are famous for the Varangian guard, a guard of 2,000 Varangians that protected the emperor of the Byzantines. But the true history lies in Russia. See back in the Dark ages the people of Novgorod wanted a strong ruler, so they asked a Varangian chieftain to lead them. He conquered all of Eastern Europe. This makes the Varangian ties to Russia more than their ties to the Byzantines.
Now that's the history of the Varangians but what does that have to do with the Variags, a lot actually. See Russia was ruled for most of their history by a Swede. And looking deeper into the meaning of Varangian it actually translates to something like, Wanderer, Mercenary, immigrant, etc. Not too new is it, but see this all drags into the world of LOTR. Way back when the wainriders were conquering Rhun Tolkien touches on the subject of 'disloyal Northmen' now who are they you ask? They are Northmen tribes that betrayed Gondor and joined the forces of Mordor. Their fate is unknown, and as can be plainly seen the Northmen draw resemblances to Norse culture. Made the connection yet? I believe these disloyal Northmen fled south-east to Khand where they ruled the Tribes of Khand. The Variags are the name of such Disloyal Northmen. Similar to how the Varangian Chieftain went south east to rule the Novgorodians.
This means the Variags would fight similar to the Northmen and probably keep some of the same traditions. They may have a similar building style, etc. But they are not the only inhabitants of Khand, there are the natives of Khand, the Easterlings of Khand, the Haradrics of Khand. The Variags are but a small number of them.
So this is really just a scratch of the Lore behind the lands of Khand. However I'm determined to find more.