U.S. President Donald Trump and Secretary of State Marco Rubio meet Russian President Vladimir Putin, to barter for an finish to the struggle in Ukraine, in Anchorage, Alaska, U.S., August 15, 2025.
Kevin Lamarque | Reuters
Russian President Vladimir Putin has sufficient capital to fund the struggle in Ukraine for years to return regardless of financial stress mounting, the previous head of the nation’s central financial institution instructed CNBC on Friday.
“The Russian financial system is near stagnation,” Sergey Aleksashenko, former deputy chairman of Russia’s central financial institution, instructed CNBC’s “Europe Early Version.”
Aleksashenko mentioned on Friday the “temper isn’t good,” with the Financial institution of Russia forecasting development of simply 0.9% for the nation’s financial system this 12 months, in contrast with 4.3% final 12 months.
However he added that the “glass is half full,” with the central financial institution steadily bringing inflation down and numerous industries transferring in reverse instructions.
Requested whether or not Putin has sufficient cash to finance the struggle in Ukraine, Aleksashenko mentioned: “Sadly, sure.”
“Regardless of all rumors, regardless of the rising funds deficit, regardless of the rising borrowings by the Minister of Finance, he has sufficient cash to finance the struggle,” he instructed CNBC.
“I’m fairly positive that he’s capable of finance the struggle one other two, three years, at the least. Possibly extra,” he added.
Russia’s full-scale invasion of Ukraine started in early 2022, with troops now of their fourth winter of battle.
Aleksashenko’s feedback got here after NATO chief Mark Rutte issued a stark warning to allies that they have been at severe danger of assault by Moscow.
“We’re Russia’s subsequent goal, and we’re already in hurt’s means,” he mentioned in a speech in Germany on Thursday. “NATO’s personal defenses can maintain for now, however with its financial system devoted to struggle, Russia could possibly be prepared to make use of navy pressure towards NATO inside 5 years.”
Central financial institution sues over frozen Russian belongings
Regardless of worldwide efforts to carry the struggle to an finish, Putin has signaled he’s keen to maintain waging the struggle to attain Russia’s goals. Final week, he warned that Russia would take a key Ukrainian territory “by pressure” if Kyiv’s troops didn’t withdraw willingly.
In a bid to ramp up the financial stress on the Kremlin, European officers have introduced proposals to make use of frozen Russian belongings to help Ukraine’s reconstruction — a transfer that Russian officers have referred to as tantamount to justification for struggle.
On Friday, Russia’s central financial institution introduced it was suing Belgian clearing home Euroclear in a Moscow court docket “for restoration of losses induced to the Financial institution of Russia.”
“The actions of the Euroclear depository induced injury to the Financial institution of Russia because of the incapacity to handle money and securities,” it mentioned in a press release, based on a Google translation. It mentioned the lawsuit was additionally “in reference to the mechanisms of direct or oblique use of the Financial institution of Russia’s belongings with out the consent of the Financial institution of Russia, that are formally being thought-about by the European Fee.”
Euroclear declined to remark, and the Belgian authorities had not responded to a request for remark when this text went stay.
Trump ‘annoyed’ as peace talks drag on
Ukraine and its European allies are additionally scrambling to maintain U.S. President Donald Trump – whose administration needs a peace cope with each Moscow and Kyiv – onside.
Whereas Russia has publicly touted its “alignment” with Washington, Trump has been hitting out at European leaders.
On Wednesday, he mentioned he did not wish to be “losing time” discussing the peace plan together with his European counterparts, based on NBC Information, including that he had already exchanged “fairly sturdy phrases” with officers within the area.
“Typically it’s a must to let folks battle it out, and generally you do not,” he mentioned.
Earlier this week, he claimed Ukrainian President Volodymyr Zelenskyy hadn’t learn the U.S.′ draft peace proposal to finish the struggle, whereas Russia was “advantageous with it.”
The proposal, initially drafted by the U.S. and Russia with out enter from Ukraine, has been altered from its authentic 28-point model that reportedly included Ukraine giving up land in its jap Donbas area and slashing the scale of its navy. Nonetheless, concessions of Ukrainian land and safety ensures for Kyiv stay sticking factors within the peace plan, which Ukraine is reportedly below stress from the U.S. to comply with earlier than Christmas.
The White Home mentioned Thursday that the U.S. remained engaged within the peace course of. However Press Secretary Karoline Leavitt instructed reporters that Trump was “extraordinarily annoyed with each side of this struggle” and “sick of conferences only for the sake of assembly.”
Trump spoke with the leaders of the U.Okay., Germany, and France in a name on Wednesday, and Leavitt mentioned the president was “conscious” of a recent proposal despatched by Ukraine’s Zelenskyy.
“He does not need any extra discuss, he needs motion. He needs this struggle to return to an finish,” Leavitt mentioned of Trump throughout the press briefing. “The administration has spent greater than 30 hours, simply prior to now couple of weeks, assembly with the Russians and the Ukrainians and the Europeans.”
“If we really feel like these conferences are worthy of somebody on america’s time this weekend, then we’ll ship a consultant,” she added.
— CNBC’s Holly Ellyatt and Silvia Amaro contributed to this text.
