Hi Global Recap readers,
Yes that’s right.
So raising taxes and squeezing a few extra billion still wasn’t enough to keep the war machine afloat.
Now he’s “asking” for donations.
🇺🇸 UNITED STATES
Meme
🇺🇸 USA
Trump Extends Iran Pause
Iran was supposed to reopen the Strait of Hormuz by Friday.
Now, Trump has delayed attacks on Iran's energy sites again.
Trump said Iran asked for more time.
The pause now runs through April 6.
Trump says talks are moving. Tehran denies direct talks.
History of extensions: 48 hours till Monday -> 5 days till Friday -> 10 days till April 6.
🇲🇽 MEXICO
Missing: Two Aid Boats
Two aid sailboats headed for Cuba never showed up.
Mexico's navy has a search running in the Caribbean now.
Nine people were on board, and the boats are still missing.
They left Isla Mujeres last week and were due in Havana by March 24 or 25.
This was part of a volunteer convoy trying to get food and medicine to Cuba.
🇺🇦 UKRAINE
Surprise Gulf Tour,
Missile Ask
President Zelenskyy showed up in Saudi Arabia on a surprise trip.
He's offering Ukraine's anti-drone know-how for defense backing.
The ask: help Ukraine get advanced air-defense missiles, plus funding and technology.
Ukraine is also set to sign an air security deal with Saudi Arabia.
🇷🇺 RUSSIA
Putin Asks For Donations
Russian President Vladimir Putin
TLDR:
^ Putin is now "asking" oligarchs to help fill Russia's budget hole.
^ He told them the war keeps going until Russia takes all of Donbas.
^ Russia already raised VAT and hit big companies with a windfall tax though.
^ Oil price rise gave Moscow a breather, but Putin warned it may not last.
Details
Ask. Three people familiar with the meeting say Putin asked a room full of top businessmen on Thursday to make voluntary contributions to the budget.
That matters because it's the first time he's personally leaned on oligarchs this directly.
But is this really an "ask?"
Goal. He also made clear he isn't backing off the war. Putin told them Russia will keep fighting until it takes the parts of Donbas still outside its control after Ukraine refused to leave the region in recent US-brokered talks.
Russian oligarch Suleiman Kerimov.
Names. At least two businessmen told him they were happy to contribute.
Suleiman Kerimov was ready to put up ₽100 billion ($1.2 billion).
Oleg Deripaska also agreed when asked.
Money. The pressure has been building for a while.
Russia lifted VAT to 22% in January.
It pulled in ₽320 billion ($3.9 billion) from a one-off 10% windfall tax in 2023.
It saw its defense bill jump 42% to ₽13.1 trillion ($160 billion) last year.
Squeeze. Russia's deficit in January and February was already above 90% of the full-year target, and while the Iran war gave Moscow up to $150 million a day in extra oil revenue, Putin told businesses not to count on that lasting long.
