Vladimir Putin held a closed-door meeting with Russian business leaders at which he is reported to have discussed military funding and asked oligarchs to contribute financially to the war effort in Ukraine, according to independent Russian outlet The Bell and the Financial Times.
The Kremlin denied the characterisation. Spokesman Dmitry Peskov told reporters it was not true that Putin had made such a request, though he acknowledged that one participant had voluntarily offered to donate “a very large sum of money” to the state. Peskov said the individual — whom he declined to name — had acted on his own initiative and that Putin had welcomed it. He also said it was not true the money was specifically earmarked for the war, adding that many businessmen who built their wealth in the 1990s felt a personal obligation to contribute given their historical ties to the state.
The Bell reported that Putin told those present Russia would continue fighting until it had seized the remaining parts of Ukraine’s eastern Donbas region not yet under its control. The newspaper also reported that billionaire Suleiman Kerimov had pledged 100 billion roubles — approximately $1.23 billion — at the meeting. Reuters was unable to reach Kerimov for comment.
Russia is currently running a budget deficit and facing economic pressure as the war enters its fifth year. However, the spike in global oil prices triggered by the US-Israeli conflict with Iran, which began on 28 February, is set to deliver a significant financial windfall to Moscow. Reports earlier this month indicated the Russian government was preparing a possible ten per cent cut to all non-sensitive spending, with the final decision dependent on whether the oil price rise proves sustainable.
The development comes as Ukraine faces a severe and worsening funding crisis of its own. Officials in Kyiv have warned the country has enough money to cover expenditure only until June. Hungary’s veto of a €90 billion EU loan has compounded the pressure, as has the near-total halt in direct US aid since Donald Trump returned to the White House in January last year. Ukraine’s central bank chief Andrii Pyshnyi has warned that without fresh funding the country may be forced to resume direct state financing of soldier wages, public sector pay and essential services.
Kyiv estimates it requires $15 billion this year for American weapons procurement alone, with total foreign assistance needs for 2026 put at $52 billion.
