Sh*t got real in Russia. Putin is asking for "voluntary" contributions to the war effort from Russia's wealthy class. Once powerful centers of power, these rich people are now just cows to be milked. Is revenue a secondary objective to destroying the potential of oligarchs to fund rival centers of power to oppose Putin?
The war goes on. Ukraine's strategic air campaign seems to be working better than Russia's air campaign. And the battlefield seems to have shifted perceptibly in Ukraine's favor.
And the war must be funded. Ukraine gets money:
The European Council (EC) adopted on April 23 the final piece of legislation underpinning the EU’s 90 billion euro (roughly $105 billion) interest-free loan to Ukraine, which the EC initially approved in December 2025.
And Ukraine only has to repay it if it gets reparations from Russia.
Putin, on the other hand, is scrounging for kopecks in the couch cushion. Putin made an offer that Russia's wealthy can't refuse:
Even as he promised to take all of Ukraine’s Donbas region, he invited the assembled gathering of wealthy businessmen to contribute voluntary aid to the war effort.
The notion of shaking down business in a problematic time for the country originated with the Rosneft director, who proposed the issuance of war bonds as the fundraising process. Since he was not a major shareholder in the company he runs, he will be spared the questionable honor of contributing his own money.
Others, though, responded immediately, offering $1.1 billion. Another sanctioned businessman agreed to contribute when asked.
These men had little choice. It is beyond belief that Russia’s major billionaires would refuse, and that’s closely linked to why these men should no longer be called oligarchs. Decades ago, they could impose their will on Russia, manipulate the legislature, and bend or subvert the law: they were oligarchs in the true sense of the word.
Ask not what Putin can do for the rich men formerly known as oligarchs--ask where the money is.
That’s certainly interesting. Just before Russia invaded Ukraine in 2022 I read that Putin got financing for military efforts from oligarchs and repaid them with contracts resulting from gains in the military action:
How ... feudal: "[Russia's small wars] are financed by members of Putin’s inner circle. They don’t come directly out of state budgets. ... The oligarchs who funded the annexation of Crimea, for example, received a multibillion-dollar contract to build a bridge connecting that peninsula over the Kerch Strait to Russia." This means of finance requires short and/or small victorious wars. Which the Russians hope their nuclear weapons can enforce after achieving gains.
It was all very feudal, no? And while Putin could have success in short and glorious special military operations, that method can't possibly scale up to sustain a war of attrition.
Yet the oligarchs lack the power to resist Putin's invitation to help. Will Putin squeeze these former supporters until they are impoverished? Will they seek new champions outside of Putin's orbit to survive this war?
Interesting times, indeed, for Russia. Could Putin be trying to destroy these men to prevent them from conspiring against him?
NOTE: ISW updates continue here.
NOTE: Also, I put war-related links and commentary in the Weekend Data Dump on Substack. You may read my posts on Substack, at The Dignified Rant: Evolved.
NOTE: Image obviously from JFK speech, with modifications.








