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Thinking about this in terms of money spent is the wrong mindset. That 44 million dollars went from the hands of one Russian into the hands of another. And it even counts towards their GDP. On the other side, 12 Ukrainians are dead. Think about that. Depopulation, especially of working aged people is what's really going to hurt your economy, not spending money on weapons.
As a sidenote, politicians often want you to believe that you can't have nice things because "there isn't enough money". That is just bullshit.
Excellent points. While on the outside it does look like the Russians could have bought out all of Eastern Ukraine's homeowners/farmers/citizens for $1 mil apiece, spent less money and still got the territory they want, it isn't that simple.