Moscow, Russia. President Vladimir Putin has reportedly asked wealthy business figures to donate to Russia’s budget as the government seeks to stabilise finances while continuing its invasion of Ukraine. The Bell and the Financial Times reported the request, citing unnamed sources.
Reports cite closed-door meeting with business leaders
The Bell online media outlet reported late on Thursday that Putin met top Russian businessmen behind closed doors the same day and asked oligarchs to donate to the country’s budget. The Financial Times published a similar report on Thursday, citing three people familiar with the matter.
Discussion included military funding and war aims, The Bell says
According to The Bell, Putin discussed military funding and the continuation of the war, which the outlet described as being in its fifth year since Russia’s full-scale invasion in February 2022. The outlet reported that Putin said Russia would fight on until it captures the remaining areas of Ukraine’s eastern Donbas region not under its control.
Kerimov reportedly pledges 100 billion roubles
The Bell reported that billionaire Suleiman Kerimov pledged at the meeting to donate 100 billion roubles ($1.23 billion). Reuters said it could not immediately verify the report and that calls to Kerimov’s office in Russia’s Federation Council were not answered outside business hours on Friday.
Budget pressure linked to weaker revenues and slowdown
As the war in Ukraine continues, Russia is facing falling budget revenues from energy sales and an economic slowdown that affects tax income from other sectors, the report said.
Possible cuts to “non-sensitive” spending
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. Reuters reported that a final decision would hinge on the sustainability of the oil price rise triggered by the Iran war.
What impact do you think additional private donations would have on Russia’s budget plans this year?
