Putin Asks Russian Oligarchs for War Funding Support

Reports from Russian online media on the 27th indicate that President Vladimir Putin requested financial support for the Ukraine war from oligarchs during a private meeting held the previous day (26th). During a private dinner following a Russian Union of Industrialists and Entrepreneurs (RSPP) conference, Putin stated, "We will continue to fight," and proposed that the attending tycoons voluntarily contribute to the war budget. Some oligarchs, including Suleiman Kerimov, reportedly responded positively, with Kerimov pledging 100 billion rubles (approximately 1.85 trillion won) in support. The request reportedly originated from an idea by Igor Sechin, a close associate of Putin and CEO of state-owned oil company Rosneft. Kerimov, a current Russian senator who amassed his fortune through energy investments, is subject to sanctions from the United States, the European Union (EU), and the United Kingdom.

However, the Kremlin has denied the report. Kremlin spokesperson Dmitry Peskov told Reuters that it was untrue that "President Putin directly asked the oligarchs for war funding." He did acknowledge that one attendee at the private meeting expressed a desire to make a large donation, but added that Putin did not lead the proposal.

Meanwhile, in his public remarks at the RSPP conference, Putin reportedly expressed his stance on oil price trends related to the Middle East conflict, stating, "The market is in turmoil" and "we must maintain caution." Putin assessed that uncertainty in the international oil market has increased due to the Middle East conflict. He added that Russian companies must maintain extreme caution in response to changes in the external environment.