Russian billionaire Kerimov pledges $1.2B to fund Ukraine war after Putin's call
Russian billionaire Suleiman Kerimov has pledged ₽100 billion ($1.2 billion) to support Russia's war in Ukraine. The announcement came after President Vladimir Putin called on major business figures to fund the conflict. Kerimov, a senator from Dagestan, ranks among Russia's wealthiest individuals and has faced Western sanctions for years.
The meeting between Putin and leading businesspeople lasted around two hours. Topics included AI regulation, platform economy rules, and protections for entrepreneurs. Putin also addressed the ongoing invasion of Ukraine and briefly commented on tensions in Iran.
Kerimov's wealth has grown sharply since the 2022 invasion, reaching $25.7 billion by 2026—a rise of $9.3 billion in a year. This surge stems largely from his stake in Polyus, Russia's biggest gold producer and one of the world's top five. His son, Said, transferred shares to him after facing EU, UK, and US sanctions in 2022. Despite these sanctions, Kerimov's political influence has expanded. He has served in Russia's Federation Council since 2008 and sits on the Committee for Parliamentary Rules. In 2026, Putin awarded him the Order *For Merit to the Fatherland*, recognising his legislative contributions. Kerimov was among the first to respond to Putin's funding appeal. His pledge of ₽100 billion aligns with the Kremlin's push for private sector backing as the war continues. Putin has repeatedly stated that Russia will not stop fighting until it controls the entire Donbas region.
Kerimov's donation marks one of the largest private contributions to Russia's war effort. His wealth, tied to gold mining and political ties, remains shielded from Western sanctions. Meanwhile, the conflict in Ukraine shows no signs of slowing, with Putin insisting on further territorial gains.
