Russian President Vladimir Putin has asked Russian oligarchs to financially contribute to the state budget in an effort to stabilize the country’s economy, which is facing challenges as the war in Ukraine enters its fifth year.
The news was reported by online media The Bell, citing anonymous sources, with similar reports published by Financial Times, referring to individuals familiar with the matter.
According to these sources, Putin held a closed-door meeting on Thursday (March 26) with Russia’s most powerful businessmen, focusing on financing military operations and continuing the war in Ukraine, which began with the full-scale invasion in February 2022.
Reports indicate that the Kremlin aims to continue military operations until it gains full control over the eastern Donbas region, parts of which remain outside Russian control.
During the meeting, billionaire Suleiman Kerimov reportedly pledged to donate around 100 billion rubles (approximately $1.23 billion) to support the state budget.
Economic Pressure on Russia
Meanwhile, the Russian economy faces multiple challenges. Falling revenues from energy exports and economic slowdown have significantly reduced budget income.
According to Reuters, the Russian government is considering a 10% cut in non-priority spending in this year’s budget.
However, the final decision is expected to depend on developments in global energy markets, especially the potential impact of the conflict with Iran on rising oil prices.
In this context, Putin’s request for financial support from the economic elite is seen as an effort to cover the rising costs of the war and maintain the country’s economic stability.
