Convert it to rubles, cut the price of materiel to cost, and the end result is a bit more than that. However, Russia started this SMO with rewards and bonuses given out like the country was a tech stock at an IPO. Now they have to pay out those bonuses since it’s been 2 years and they haven’t managed to kill off every single enlisted schmuck. They are also continuing to entice more from other countries with strong currencies, requiring more signing bonus money.
Oh, and Wagner suffered some big losses this year and that will need to be patched up with whatever talent and vehicles are available. Frankly, Putin has a lot of big bills and every bit of other people’s money counts.