The alternative, is to think he's a well meaning fool. Obviously it is a continuum and between pure evil and pure genius, there's room for an argument.

I tend to think Putin has skills, and information. I think he's making socially destructive choices, in a complex situation. I don't think Hanlon's razor applies.

Further, a logic argument: if the embezzlement is systematic inside the Russian state, and has been for years, how can Putin not be aware of it, and the complicity in his direct reports in subverting the bribe flows?

I think it is much more likely he looks to this as off-book performance/KPI pay.