Vladimir Putin has asked Russian oligarchs to contribute to the country's shrinking defence budget as Moscow continues its invasion of Ukraine. The operation, ongoing since February 2022, aims to capture the remaining areas of eastern Donbas not under Russian control.
At least two businessmen have reportedly offered donations following talks with Putin, as reported by The Guardian. Kremlin spokesperson Dmitry Peskov said Russia remains interested in peace talks with the US, but key issues (including territory) remain unresolved.
Russia's defence spending surged 42% last year to ₽13.1tn (£121bn), while sanctions have forced Moscow to sell oil at heavily discounted prices, swelling the budget deficit. The government has also considered additional windfall taxes and increased VAT to stabilize public finances.
Putin warned businesses and the state against squandering gains from rising oil prices, advocating "a moderately conservative approach" amid global market volatility.
Volodymyr Zelensky said US security guarantees for Ukraine are conditional on Kyiv ceding all of Donbas to Russia. "The Middle East definitely has an impact on President Trump, and I think on his next steps," Zelensky added.