The Kremlin on Friday denied reports that President Vladimir Putin asked leading Russian businessmen to donate money to stabilize Russia’s finances amid its ongoing war in Ukraine.

The claims, citing unnamed sources, were published by independent Russian outlet The Bell and the Financial Times following a closed-door meeting between Putin and business leaders on Thursday.

“It’s not true that Putin made such a request,” Kremlin spokesperson Dmitry Peskov told reporters.

Peskov said that one participant at the meeting had independently offered to donate a “very large sum of money” to the state. The individual, he added, noted that many attendees had started their businesses in the 1990s with ties to the state and felt it was their duty to contribute. Peskov did not name the person.

“This was absolutely his initiative, and not President Putin’s. Although, of course, the head of state welcomed such an initiative,” Peskov emphasized. He also clarified that the money was not intended for the war effort.

The Bell reported that Putin discussed military funding at the meeting and reaffirmed that Russia would continue fighting until it captured the remaining areas of Ukraine’s eastern Donbas region. The outlet said billionaire Suleiman Kerimov pledged to donate 100 billion roubles (approximately $1.23 billion). Reuters was unable to reach Kerimov for comment.

Russia is currently facing a budget deficit and economic slowdown as the Ukraine war, now in its fifth year, continues. However, the country is expected to benefit from a surge in oil prices following the U.S. and Israeli attacks on Iran on February 28.

Earlier this month, sources told Reuters that the Russian government was considering a 10% cut to all “non-sensitive” spending in this year’s budget, though final decisions would depend on the sustainability of the oil price increase.

($1 = 81.2 roubles)