Putin 'asks oligarchs to donate to budget' as cost of Ukraine war soars

Vladimir Putin has asked oligarchs to donate to Russia's budget to stabilise the country's finances as he presses on with the war in Ukraine, according to Russian media.

The Russian president held a closed-door meeting with leading businessmen on Thursday, The Bell online outlet reported.

Mr Putin discussed military funding and the continuation of the war, the Bell wrote, citing unnamed sources.

The war, which has been raging on for five years since Russia's full-scale invasion in February 2022, has seen the country's defence costs soar, reaching 15.5 trillion roubles (£144bn) in 2025.

Russia is facing both falling budget revenues from energy sales and an economic slowdown. This is affecting tax income from other sectors of the economy.

The Russian government is said to be considering a possible 10% cut to all "non-sensitive" spending in its 2026 budget, with the final decision to hinge on the sustainability of the oil price rise triggered by the Iran war.

But oligarchs could now be providing the much-needed budget boost.

During the meeting with Mr Putin, billionaire Suleiman Kerimov pledged to donate 100 billion roubles (£922m), according to The Bell.

Oleg Deripaska, a metals magnate, also agreed to contribute when asked by the Russian leader, the Financial Times reported, citing three people familiar with the matter.

Kremlin spokesman Dmitry Peskov said during a briefing with journalists that while Mr Putin welcomed the idea of business contributions to the country, it was "not his initiative".

One of the businessmen in the meeting decided to donate a large sum of money to the state, Mr Peskov said. The Kremlin declined to disclose the man's name. "It was his family's decision," Mr Peskov said.

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Mr Putin reportedly said Russia will fight on until it captures the remaining areas of Ukraine's eastern Donbas region, which are not currently under its control.

(c) Sky News 2026: Putin 'asks oligarchs to donate to budget' as cost of Ukraine war soars