In a bid to bolster Russia’s ailing economy amid ongoing conflict in Ukraine, President Vladimir Putin is turning to the country’s wealthiest oligarchs, seeking financial contributions.

During a recent meeting with Russia’s financial elite, Putin requested their monetary support, pledging that the war would continue until a decisive victory is achieved, despite its economic toll. This information comes from sources speaking to the Financial Times.

This marks the latest attempt by Putin to have Russia’s affluent citizens help cover the costs of the prolonged conflict, now entering its fifth year. However, it is the first instance in which he has directly appealed to prominent business figures for assistance.

In response to reports about the meeting, Kremlin spokesperson Dmitry Peskov denied that the funds would be used for war efforts. However, he acknowledged that the topic was brought up and that Putin was supportive of the initiative.

“Indeed, one of the meeting participants expressed the necessity of allocating a significant sum of money for the state. This was reportedly a decision made within his family,” Peskov stated, as reported by Interfax.

“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.