Kathrine Frich
The financial strain on Russia is becoming harder to ignore.
With rising military costs and growing pressure on the state budget, the Kremlin is increasingly looking for new ways to sustain its war effort.
That pressure has now reached some of Russia’s wealthiest figures.
Closed-door meeting
According to reporting by The Bell cited by Money.pl, President Vladimir Putin held a private meeting with leading oligarchs following a business congress in Moscow.
During the discussion, he signalled that Russia would continue its military campaign and encouraged major businesses to contribute financially to support the state.
The talks took place behind closed doors, with few details initially made public.
One of the country’s richest men, Suleiman Kerimov, responded by pledging 100 billion rubles, roughly $1.2 billion, according to The Bell.
Reuters reported it was unable to independently verify the pledge, and Kerimov’s representatives did not immediately respond to requests for comment.
Kerimov, who built his fortune after the collapse of the Soviet Union, has long been part of Russia’s powerful business elite and was among those previously summoned by the Kremlin at key moments.
Mounting pressure
The appeal to oligarchs comes as Russia faces declining revenues and increasing economic strain linked to the prolonged war.
Energy income has weakened, while broader economic slowdown has affected tax receipts across multiple sectors.
Earlier this month, Reuters reported that the government was considering cutting up to 10 percent of non-essential budget spending.
Military expenditure has surged dramatically since the invasion began in 2022.
According to analysis cited by Reuters, Russia spent nearly 11.9 trillion rubles on the war in just the first nine months of 2025.
That figure marks a sharp rise compared to previous years, with defence spending now taking up a growing share of state resources.
Sources: Reuters, The Bell, Money.Pl
