Russian President Vladimir Putin asked oligarchs in a closed-door meeting to contribute to the budget to help stabilize Russia’s finances as the war in Ukraine drags on, according to a report cited by Reuters on Friday.
The Bell reported Putin met leading businessmen on Thursday evening to discuss financing for the military and sustaining the war, which has continued since 2022.
According to the report, Putin told the group Russia would keep fighting until it captured the remaining parts of Ukraine’s Donbas that it has not yet taken.
The Bell also said billionaire Suleiman Kerimov pledged at the meeting to provide 100 billion rubles, or about USD 1.23 billion (EUR 1.07 billion).
Russia is facing mounting financial pressure as the war continues, with budget revenues from energy exports falling and a broader economic slowdown weighing on tax income from other sectors.
Earlier this month, Reuters reported the Kremlin was preparing for a possible 10% reduction in all “nonsensitive” spending in this year’s budget. The final decision, according to the Polish Press Agency (PAP), will depend on whether oil prices rise because of the U.S.-Israeli war with Iran.
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Source: PAP