Published by Global Banking & Finance Review®
Posted on March 27, 2026
2 min readLast updated: March 27, 2026
Add as preferred source on GoogleRussia’s President Vladimir Putin has privately urged oligarchs to donate to shore up the state budget amid plummeting energy revenues and economic strains, with billionaire Suleiman Kerimov reportedly pledging 100 billion roubles.
March 26 (Reuters) - Russia's President Vladimir Putin has asked oligarchs to donate to the country's budget in a bid to stabilise the country's finances as he presses on with his invasion of Ukraine, The Bell online media outlet reported late on Thursday, citing unnamed sources.
It said Putin met top Russia's businessmen behind closed doors on Thursday.
The Financial Times also published a similar report on Thursday, citing three people familiar with the matter.
The Bell, citing the sources, said Putin discussed military funding and continuation of the war, which is in its fifth year since Russia's full-scale invasion in February 2022.
Russia will fight on, Putin said, until it captures the remaining areas of Ukraine's eastern Donbas region not under its control, the report added.
The Bell also said billionaire Suleiman Kerimov at the meeting with Putin pledged to donate 100 billion roubles ($1.23 billion).
Reuters could not immediately verify the report. Calls to Kerimov's office in Russia's Federation Council were not answered outside of business hours on Friday.
As the war in Ukraine drags on, Russia is facing a double whammy of falling budget revenues from energy sales and of an economic slowdown, which affects tax income from other sectors of the economy.
Sources told Reuters earlier this month that the Russian government has been preparing a possible 10% cut to all "non-sensitive" spending in this year's budget, but the final decision will hinge on the sustainability of the oil price rise triggered by the Iran war.
($1 = 81.2000 roubles)
(Reporting by Angela Christy in Bengaluru; Editing by Chris Reese and Lincoln Feast.)
Putin asked oligarchs to donate to Russia's budget to help stabilize finances due to the high costs of the ongoing war in Ukraine.
Suleiman Kerimov reportedly pledged to donate 100 billion roubles ($1.23 billion) during the meeting with Putin.
Russia faces falling budget revenues from energy sales and an economic slowdown, both impacting tax income and the national budget.
Sources indicate Russia may cut up to 10% of non-sensitive spending this year, dependent on oil price trends.
Putin stated that Russia will continue fighting until it captures all areas of the Donbas region not under its control.
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