Very good read on how Wagner operates. Apparently, its various enterprises are financed by skimming off the top of its massive catering contract with the Russian military. Mercs are just one small part of it all.
"By Putin's own admission, Prigozhin's catering business was paid at least $1 billion last year through government-awarded contracts to feed tens of thousands of soldiers on the front line in Ukraine. These catering contracts have been the Russian state's main vehicle of financing Prigozhin and his dealings.
Prigozhin's main company, Concord, and subsidiary companies provided food and other services, almost certainly at an inflated price, and then used the overflow revenue to finance unofficial endeavors, including the mercenary group.
Concord runs a group of companies that has been providing food for the servicemen of the Russian Armed Forces since 2006," Prigozhin wrote in a June letter to Russian Defense Minister Sergei Shoigu. "The revenue received from these companies is then used to finance the projects in Africa, Syria, and other countries, where the expenses for advancing the interests of the Russian state as of May 2023 amounted to 147 billion rubles [about $1.7 billion]."
GRAFT