Russian President Vladimir Putin asked Russian oligarchs to contribute to the state budget due to rising war costs in Ukraine.
Financial Times reported this, citing sources familiar with the meeting.
Details
According to FT sources, Putin personally addressed a large group of businessmen. He asked them to financially support the budget, which faces growing pressure from the war. This marks the first known case of such a direct appeal to oligarchs.
During the meeting, Putin made it clear that he intends to continue the war. In particular, he aims to fully capture the parts of Donbas that Russia does not currently control. He also rejected any compromise.
Sources say some businessmen have already expressed readiness to contribute. In particular, Suleiman Kerimov reportedly agreed to allocate around 100 billion rubles. Oleg Deripaska also supported the initiative.
At the same time, the Kremlin denies that Putin directly asked for money for the war. Officials insist that the decision to make large contributions was “voluntary” and came from the businessmen themselves.
Putin also warned that current high revenues from energy exports — especially amid the conflict in the Middle East — are temporary. He urged officials not to rely on them as a stable source of budget income.
Context
In late November 2025, Donald Trump’s administration sharply revived the peace negotiation process. It presented a 28-point “peace plan” and demanded that Ukraine accept it by the end of the month.
After the February 2026 talks, Ukrainian President Volodymyr Zelenskyy said progress exists on the military track, while political negotiations have not produced significant results.
Previously The Ukrainian Review reported that oil remains one of Russia’s key sectors. In 2022, Russia earned more than $320 billion from oil and gas, which allowed the Kremlin to quickly finance its full-scale invasion of Ukraine.
