No, he signed a lesser contract I believe.
Quoted from an article
"Kovalchuk’s four-year agreement with SKA St. Petersburg was reportedly worth $4.4 million per season, or a total of $17.6 million over the life of the contract.
His KHL salary was less than he would have earned annually if he had remained with the Devils. But he ended up leaving even more money on the table than that in those four years.
The Devils agreement would've paid Kovalchuk $11.3 million in both 2013-14 and 2014-15, $11.6 million in 2015-16 and $11.8 million in 2016-17, for a total of $46 million. Players in the NHL are subject to a variety of taxes and fees, including state and federal income taxes, a “jock” tax, agent fees and the escrow agreement. New Jersey, at the time of Kovalchuk's departure, had an income tax rate (combined state and federal) of about 49%. NHL players are also subject to a "jock" tax, where local jurisdictions impose taxes on the income generated by away games. Assuming that Kovalchuk would have been subject to a total tax rate of about 53%, he still would have made"