Please, sir, can he have some more?
Russian President Vladimir Putin is going hat-in-hand to wealthy oligarchs, asking them to donate cold hard cash to boost the country’s depleted economy during its war in Ukraine.
Putin made the embarrassing request before a large group of Russia’s financial elite on Thursday — and promised to keep the war going until victory is reached despite the economic strain it’s caused, sources familiar with the meeting told the Financial Times.
It’s the latest shakedown by Putin to get Russia’s wealthiest to foot the bill for the war in Ukraine, now in its fifth year — but the first time he’s appealed to business magnates directly.
Kremlin spokesman Dmitry Peskov denied reports that the donations would be spent on the war, although he told Russian news outlets the idea was discussed and Putin “welcomed the initiative.”
“One of the participants of the meeting indeed said that he finds it necessary to set aside a certain very large sum of money for the state. This was his family decision,” Peskov said, according to Interfax.
The unnamed tycoon “argued that the vast majority of participants in the meeting started their businesses in the 1990s, and got their start with some or other connection to the state. So many consider it their burden to make such contributions,” he added.
Putin asking directly for funds essentially guarantees that the businessmen, who are largely supporters of the military campaign in Ukraine, will fork over money to his government, according to the Financial Times.
At least two businessmen told Putin they would be happy to donate, including billionaire Suleiman Kerimov, who pledged more than $1.2 billion, sources told the outlet.
Russia’s economy defense budget soared 42% last year as the ruble value plummeted.
To fund military operations, the Kremlin spiked its value-added tax [VAT] last year by 2% to 22% to raise some $7.4 billion from small and medium-sized businesses over the next three years.
Economy minister Maxim Reshetnikov said Thursday that Russia was considering another windfall tax this year after imposing a one-time one at 10% on large companies in 2023.
Putin vowed at the meeting that Russian troops would continue fighting until all areas of the Donbas region in eastern Ukraine are under its control.
He had previously supported turning the Donbas into a demilitarized zone during peace talks with the US, but later backtracked after Ukraine said it would never surrender the region.
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