Gonna be lots of young men dying on both sides...
It was expected that Putin would try to expand the army shortly after the election. He faces some hurdles though. Among the people who are fighting the war, it's pretty unpopular and large scale drafting of people could result in riots. When they expanded conscription in late 2022 many recruiting offices were firebombed. This was especially effective in Russia because they don't have computerized records. Everything was on paper. If the recruitment office burned down, they wouldn't know who was there to be drafted.
Another problem Russia is going to have is how to arm these troops. Russia was low on even small arms last year. In some cases troops were doing meat waves with sticks. Many troops all along the front were complaining that small arms ammunition was in short supply. They have probably ramped up production, but they have hit the limit on what they can get out of the current factories without building new ones and there are no signs they are building new military factories.
They may be buying small arms from North Korea or China may be selling some on the down low. NK small arms are probably poor quality. NK is selling their junk they don't want. Chinese guns would be better, but China is being careful not to be caught selling military items to Russia. They don't want to get sanctioned by the west.
Russia definitely doesn't have the vehicles to equip 2 new armies (it's confusing, but an "army" within an army is a large formation of troops, in the US Army an army is a collection of corps, often 3, which usually have 3 divisions each, though that can vary). They probably don't have any artillery for these formation either. The only place where these units can be deployed would be in the east. The south is maxed out for supply capacity. Adding any units to the south would crash their supply system there.
Russia might be able to man these units. Whether the population they are drawing from will stand for it could be a problem. Once they get the recruits, they have very limited means to train them. Russia sent all their trainers to Ukraine in late 2022. Anybody training troops today knows little more than the people they are training.
Then if they get that far they have to answer the question of what to give these troops. Their Soviet vehicle parks are emptying out fast and those vehicles are getting eaten up in fighting by the units already in the field. It's documented that they were having problems even providing basics like uniforms, small arms and boots to troops.
The Russian army is a port-Lanchester Square collapse army. They can still field an army, but it's much lower quality than the army they started with and they can only keep the army fighting by robbing Peter to pay Paul. It's like trying to keep walking on a broken leg. It's going to hurt like hell and every step is causing more damage to the leg.
I bet Putin's friends are going to ask for the budget first and forget to deliver ...
Early in the war I read about how the Russian mafia was draining the resources of the army. They would routinely take the pay of soldiers and give a cut to the commander. If a soldier got any kind of bonus, the mafia would be there shortly to take it from him.