Putin says Russia may return seized Western company assets

Russian President Vladimir Putin on Thursday said Russian assets of Western companies that Moscow had seized were frozen and could potentially be returned.

Putin last month ordered the seizure of businesses and assets of Swiss food giant Nestle, French retailer Auchan, the former Leroy Merlin DIY chain and German wholesaler and food retailer Metro.

Asked whether the assets seized would, in a "favourable scenario", be returned, Putin said at the annual Valdai forum: "Yes, they would."

Russia "does not take, steal, or nationalise anything from anyone", he added.

"We do place certain enterprises under external management. But in some European countries ... in crude violation of every conceivable rule, they simply seized huge enterprises from us," Putin said.

He cited the seizure of the assets of Russia's oil giants Gazprom, Rosneft and Lukoil.

Most Western companies quickly sold their Russian operations and holdings after the Kremlin ordered troops into Ukraine in February 2022 -- or at least isolated them, as sanctions have made trading in most goods difficult.

Others remained, citing concerns for their employees or citizen's well-being, but often sharply scaling back their operations.

Russia has since made it difficult for firms to leave, requiring presidential authorisation for deals, or seizing the assets outright.