Many firms completely disregarded their losses when they left the country, the president has said

Western companies that pulled out of Russia after the escalation of the Ukraine conflict amid the imposition of unprecedented sanctions are now looking to return, Russian President Vladimir Putin has said.

Speaking at the Eastern Economic Forum (EEF) in Vladivostok, in Russia's Far East, on Friday, Putin remarked that in 2022, "many European companies left at a loss to themselves due to 'political reasons'." 

"But we know... that many are eagerly waiting for all these political restrictions to be lifted, and at any moment they would like to come back," Putin said.

Putin also pointed out that some foreign firms continue to operate in Russia despite political disagreements between their governments and Moscow. "Companies from some countries, with which there are so-called political problems given the current situation, are still operating, they did not leave. And they even want to expand cooperation," he said.

Russia's president added that Moscow remains committed to international cooperation despite political tensions.

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"To close ourselves off in some kind of 'national shell' is very difficult and harmful, because it would lead to reduced competitiveness... We are open to cooperation with all countries of the world, of course, primarily with those who want to work with us, with our friends. But we are not isolating ourselves from anyone," he said.

Putin said Russia's foreign policy remained stable and predictable, calling it the country's "competitive strength." He added, "We have never turned away or pushed anyone out. Those who want back in are welcome."

A Reuters analysis earlier this year estimated that foreign companies exiting the country had lost more than $107 billion, if lost income is included.

Kremlin officials have cited even higher figures, with Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), saying that US businesses alone had lost over $300 billion from leaving the market after the escalation of the Ukraine conflict.