Russian Billionaires Contribute 383.69 Billion Rubles to the Budget

Large Russian businesses have transferred 383.69 billion rubles to the federal budget following Vladimir Putin's call for "voluntary contributions" amid a record deficit. Before the March meeting between Putin and business leaders, contributions from non-state organizations amounted to only 15.6 billion rubles. After the appeal, the volume of transfers increased tenfold within a month to 159.7 billion rubles. In May, the amount rose by 45.5%, in June by 27%, and for July and the first half of August by 30%. Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs, confirmed that the funds came from both corporate and family foundations. It is expected that by the end of the year, the government will receive about 300 billion rubles in such payments. The federal budget deficit from January to July reached 6.455 trillion rubles, which is 1.4 times more than last year. Since the beginning of the invasion of Ukraine, the Russian budget has spent nearly 50 trillion rubles on the war.

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