@nereo - you are spot on, although I suppose you could argue that "Russia" is or is not paying a price. If you define "Russia" as "Putin," then no, he's not paying a price. If you define "Russia" as "the common Russian people," then yes, there is a huge price being paid.
In the aggregate, though, here's a list of long-term impacts off the top of my head:
--Over 100,000 able-bodied males killed
--Probably a similar number wounded that will need medical care, ranging from minor to life-altering*
--A permanent, near-100% loss of natural gas revenue to Europe.
--Various sanctions inhibiting technology imports, capping oil prices, etc
--Acceleration of the demise of the Russian Space program, since nobody will want to launch through them
--Several hundred thousand people, who had the means to do so, have fled the country. How many of them will want to return?
--Long-term financial sanctions inhibiting global trade
--Hundreds of billions of dollars in frozen assets
--Their military might is substantially destroyed--the bulk of their tanks, APCs, etc. They're losing hard-to-replace aircraft and helicopters, some of which are out of production and cannot be replaced. They've sent their training personnel into Ukraine, making training new recruits less effective.
--The reputation of Russia's military equipment, and their ability to build it, has been tremendously damaged.
--Russia's reputation in general is in the toilet. Nobody's going to trust them, ever again.
--The war has forced Europe to actually recognize the threat that Russia represents, and so Europe is arming up.
--Sweden and Finland are joining NATO. Russia says they're worried about western aggression, and historically, they have a point, although I would argue that the foundations for such a worry are no longer extant, let alone relevant. The baltic states, Ukraine, Finland, etc represented a buffer between NATO and Russia. Well, With Sweden and Finland in NATO, Russia now has the 'enemy' right on their doorstep, and we all know how well Russia does when fighting Finland...
* - For Western nations with better tactics, training, discipline, and field medicine, you'd expect a 3:1 wounded:dead ratio, but Russia is lacking all of those things, so they leave a lot more wounded to die.