Russian President Vladimir Putin has reportedly asked Russia’s wealthiest businessmen to donate to the state budget to help fund the ongoing war in Ukraine, according to the Bell online media outlet. The request came during a closed-door meeting with leading oligarchs on Thursday, as the conflict enters its fifth year and Russia faces mounting economic pressure.
The meeting focused on financing the military and sustaining Russia’s campaign in Ukraine, particularly in the eastern Donbas region, which Putin said must be fully captured. Billionaire Suleiman Kerimov reportedly pledged a donation of 100 billion roubles ($1.23 billion) during the gathering. Reuters could not independently verify the report, and calls to Kerimov’s office went unanswered outside business hours.
Russia’s finances are under strain from two main pressures: declining revenues from energy exports and a broader economic slowdown affecting tax income across other sectors. Sources cited earlier this month by Reuters said the Russian government is preparing a potential 10% cut to “non-sensitive” spending in the 2026 budget, though any final decision may depend on sustained oil price increases triggered by the Iran war.
