Russian President Vladimir Putin held a closed-door meeting with Russian oligarchs on Thursday, March 26, where he demanded that they “throw money” into Russia’s war in Ukraine.
According to Russian independent media outlet The Bell, citing unnamed sources, has Putin discussed plans to continue the war in Ukraine with a number of Russian oligarchs, making it clear that the Kremlin does not intend to stop fighting.
“They said we will fight... We will go to the borders of Donbas,” several sources familiar with the discussions told the outlet.
The sources added that the initiative to attract business contributions “in difficult times” was proposed by Rosneft head Igor Sechin, who suggested issuing federal loan military bonds to raise money.
Earlier this week, Yale University’s Humanitarian Research Lab published a report linking Russian energy giants Rosneft and Gazprom to the forced deportation and indoctrination of thousands of Ukrainian children.
Putin not only endorsed the initiative but also personally “suggested” that the oligarchs make “voluntary contributions.” At least two of them agreed to the president’s “proposal.”
Russian billionaire Suleiman Kerimov allegedly promised to contribute 100 billion rubles ($1.2 billion) to the budget, while another unnamed oligarch also pledged a substantial sum, though the exact figure was not disclosed.
Last November, an investigation by independent Russian media outlet Proekt concluded that Kerimov, a member of the Russian parliament for 26 years, had secured a place in Putin’s inner circle through expensive gifts and bribes.
As per Proekt, Putin compelled Kerimov to hand over $400 million, which ended up in offshore accounts linked to Sandalwood Continental, a company which was revealed to be linked to Sergei Roldugin – a close friend of Putin – in the 2016 Panama Papers.
Kerimov also reportedly bribed Putin’s chief of staff, Anton Vaino, with jewelry, a cottage, and even a yacht.
In return, the billionaire gained constant access to Putin and the ability to influence critical decisions affecting his business.
Former US ambassador to Ukraine and senior director at the Atlantic Council’s Eurasia Center, John E. Herbst, told Kyiv Post on Wednesday that “Putin wants the fighting to continue.”
He pointed out that the Kremlin has rejected multiple peace proposals accepted by Ukraine and President Volodymyr Zelensky.
Herbst said Moscow’s strategy includes trying to drive a wedge between Washington and Kyiv.
While Russia is reportedly pleased that the US is no longer providing some forms of aid, the Kremlin now seeks to cut off US military intelligence support and block weapons transfers to Ukraine.
He argued that Putin often flatters Trump while rejecting substantive peace proposals.
“His aim is to praise Trump at every opportunity, but to say no to every actual peace proposal… and so far, it’s working reasonably well for him,” he said.
Herbst has little doubt that Russia offered to stop sharing intelligence with Iran in exchange for the US ending intelligence support for Ukraine.
“I would be surprised if Russia had not made this offer,” he added, arguing that Ukraine remains the principal national security problem for Putin.
“His war is not doing very well… and he has paid a great price for the big invasion,” he added.
Herbst said the reported US rejection of the proposal suggests that President Donald Trump still understands the importance of a durable peace that leaves Ukraine “independent, sovereign, secure, and economically viable.”