Putin demands oligarchs contribute money for war, The Bell reports
Photo: Russian President Vladimir Putin (Getty Images)
Russian President Vladimir Putin held a closed-door meeting with Russian oligarchs on March 26, where he demanded that they "chip in" financially for the war. At least two agreed, according to The Bell.
Putin discussed with oligarchs plans for continuing the war in Ukraine. Sources told the outlet that Putin made it clear the Kremlin has no plans to stop hostilities against Ukraine.
"They said: we will keep fighting… we will go to the borders of Donbas," several sources familiar with the discussions told the outlet.
During the meeting, Putin also demanded that oligarchs provide money for the war against Ukraine. The idea of pushing businesses to contribute funds reportedly came from Rosneft chief Igor Sechin, sources said. He proposed issuing military federal loan bonds as a way to attract funding.
Putin not only supported the initiative but also personally suggested that oligarchs make "voluntary contributions." At least two of them agreed to Putin’s proposal.
For example, Suleiman Kerimov reportedly promised to contribute 100 billion rubles to the budget. Another unnamed oligarch also pledged a large sum, although exact figures were not disclosed.
A sudden advantage for the Kremlin
In March, following the start of an operation against Iran, the United States decided to lift part of the sanctions against Russia related to oil, citing the need to stabilize global energy prices. Moreover, US President Donald Trump suggested that oil sanctions against Russia could be lifted on a permanent basis.
These actions became a real boost for the Kremlin. Even before that, Ukraine’s Foreign Intelligence Service reported that the Russian economy had entered its deepest crisis phase in the past 20 years, comparable to the late Soviet Union scenario. Meanwhile, Russia’s 2026 budget was already under severe strain, as the first months ended with a massive deficit.
On March 25, it became known that Russia’s Urals oil was trading in India at a premium to the benchmark Brent for the first time since the start of the full-scale invasion of Ukraine. Bloomberg also reported that Russia’s oil revenues had returned to March 2022 levels.
