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On March 26, Vladimir Putin reportedly held a closed-door meeting with Russian oligarchs, urging them to make financial contributions to support the ongoing Russia–Ukraine War.
Among those who agreed to contribute were at least two billionaires, including Suleiman Kerimov, who pledged 100 billion rubles, according to The Bell.
Sources indicate that the initiative, which involves “voluntary contributions” and potentially military federal loan bonds, was proposed by Igor Sechin and personally backed by Putin.
They said: we will keep fighting… we will go to the borders of Donbas,” several sources familiar with the discussions told The Bell, RBC-Ukraine reported.
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This meeting underscores the Kremlin’s intention to continue hostilities in Ukraine despite increasing economic pressure.
Russia’s economy is under significant strain, with its 2026 budget already facing a massive deficit. Analysts have warned that the country is experiencing its deepest crisis in 20 years, comparable to the late Soviet era, according to Ukraine’s Foreign Intelligence Service.
Recent developments have offered some relief to the Kremlin. Following the initiation of US operations against Iran, Washington partially lifted oil sanctions, citing the need for stability in the global energy market.
US President Donald Trump also suggested that a permanent easing of sanctions could be possible. Additionally, Urals oil sold in India is now trading at a premium to Brent for the first time since Russia’s full-scale invasion of Ukraine, raising Russian oil revenues back to levels seen in March 2022, according to Bloomberg.
The meeting illustrates the Kremlin’s dependence on wealthy oligarchs to finance the war, even as international pressure and sanctions continue to impact Russia’s economy heavily.
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