Vladimir Putin is said to be appealing to Russia’s richest individuals for additional financial support as the cost of the war in Ukraine continues to rise. According to sources cited by Financial Times, the Russian president is seeking further funds to maintain military operations, particularly with the aim of securing the remaining areas of the eastern Donbas region not yet under Russian control.
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The reported request suggests the Kremlin intends to press ahead with the conflict despite mounting pressure on state finances. Defence spending is projected to reach around 15.5 trillion roubles (approximately $191 billion) in 2025, a sharp increase from roughly 9.1 trillion roubles in 2022.
Independent Russian outlet The Bell reported that Mr Putin made the appeal during a private meeting with leading business figures, framing the contributions as “voluntary”. However, analysts note that such requests from the Kremlin are unlikely to be refused.
At least two prominent businessmen are understood to have already agreed to contribute. Among them is Suleiman Kerimov, a senator with an estimated fortune exceeding $25 billion, who reportedly offered around 100 billion roubles. Industrialist Oleg Deripaska, whose wealth is estimated at more than $7 billion, has also pledged support. Both men are currently subject to sanctions imposed by the United States and Ukraine.
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Separately, Reuters has reported that the Russian government is considering reducing spending by up to 10 per cent across areas deemed “non-sensitive”, as the financial burden of the war continues to grow.
Officials are also monitoring global oil price movements, particularly following tensions linked to the conflict involving the United States, Israel and Iran. Any decision on further budget adjustments is expected to depend on whether elevated energy prices can be sustained. Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs, said the president had expressed hope that the current crisis might be resolved within a matter of weeks. However, he indicated there had been no clear signal that either government departments or businesses should anticipate prolonged financial gains from the situation.
