Putin asks oligarchs to donate to Russia's budget as cost of Ukraine war soars, The Bell media reports


Russian President Vladimir Putin speaks during the Congress of the Russian Union of Industrialists and Entrepreneurs in Moscow, Russia March 26, 2026. REUTERS/Ramil Sitdikov

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.)

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