Vladimir Putin said that Western companies that “closed the door” when they left Russia after the invasion of Ukraine would not be able to buy their businesses back at low prices or return to the market, already covered by Russian businesses.

Hundreds of Western companies have left Russia since Moscow invaded Ukraine in February 2022.

Companies followed different strategies: some sold their activities, others handed over to existing managers, and in some cases completely abandoned their assets.

Some, such as Renault, McDonald’s and Henkel, have ensured repurchase options on their retirement, although the terms of these agreements have not been fully revealed.

Putin, speaking in a business forum in Moscow, said he had asked the government to monitor Western companies that may have entered into a repurchase agreements, so that they could carefully examine each case if they are activated.

He stressed that he respects the businesses that continued to operate in Russia, but has a different view of those who “closed the door” when they left.

Companies who left under pressure from the internal political climate and sold their assets at degrading prices should not be allowed to buy them again at the same low price, Putin said.

“If the position of a Western company is already covered by a Russian business, then … As we say, the train is gone,” he said.

At the same time, it warned Russian companies that western sanctions on Russian individuals and companies – which, according to the Ministry of Finance, amount to 28,595 – are not temporary and that, even if they relax, there will be other obstacles to business.

“We should not hope for full freedom in trade, payments and capital flows,” Putin said. “Nor should we rely on Western mechanisms to protect investor rights and entrepreneurs.”

“Our competitors will always want to weaken us and limit us,” he added. “Even if one side makes a gesture and offers lifting or relaxing some restrictions, there will be another way to create problems.”