I'm sure someone will correct me, but these "military exercises" were supposed to be quick, decisive, and bring overwhelming victory. Instead, things didn't go as planned, many countries in the world backed Ukraine, and Putin may have realized that a dragging, costly war is not making people fear him. Well, not the people he wants to fear him.

That, and China hasn't exactly done much for financial reasons. Russia gets a good amount of resources from China, and given war shortages, China now has the upper hand in trade negotiations.