Russian President Vladimir Putin told the country’s leading oligarchs that Western companies that “slammed the door” on Russia when they left the country after the 2022 invasion of Ukraine will not be allowed to repurchase their assets cheaply or regain their former market positions.

Speaking at the annual Congress of the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow, he said that businesses would not be allowed to exercise option agreements with their partners to buy back companies. These agreements were widely signed as part of a raft of takeovers and MBOs.

"If the niche of a Western company is already filled by a Russian business, then … as we say, that train has left," Putin said.

Nevertheless, the climate is warming and the Kremlin has said it is open to restarting cooperation with international firms and the Russia market is open to them again thanks to the positive attitude of the Trump administration to restarting commercial ties with Russia.

The RSPP meeting was held on the same day as Putin held a 1.5-hour phone call with Trump where the two presidents explicitly talked about restarting business relations.

Trump and Putin share a "mutual interest in normalising relations” thanks to "the special responsibility of Russia and the United States for ensuring security and stability in the world," the Kremlin's statement reads, The Kyiv Independent reported.

"In this context, a wide range of areas in which our countries could establish interaction was considered. A number of ideas were discussed that are moving towards the development of mutually beneficial cooperation in the economy and energy sector."

"A future with an improved bilateral relationship between the United States and Russia has huge upside," including "enormous economic deals" and "geopolitical stability," the White House added.

Putin has already instructed the government to monitor potential buyback deals and scrutinise each case carefully. While companies such as Renault, McDonald's and Henkel had negotiated exit terms that included buyback options, the details of these agreements remain undisclosed.

Renault famously sold its stake for a nominal one ruble but has a buy-back option for the same amount. However, the AvtoVAZ president Maxim Sokolov, the Russian partner in the joint venture, said last month that if Renault wants to return it will have to pay $1.3bn to regain its stake, as that is the cost of the excess investment the Russian company had to make following the French carmaker’s exit.

McDonald’s will more than likely not be able to retake control of its extensive franchise at all. Its business was completely taken over by the copycat franchise Vkusno I Tochka (Tasty. Period), which has continued to roll out restaurants across the country and claims to have surpassed the American chain’s financial results after the first year of operation.

Putin’s comments are motivated by the expectation that even if Trump offers sanctions relief the process will be slow and protracted. Sanctions imposed on Russia and its businesses are unlikely to be lifted entirely.

"We should not hope for complete freedom of trade, payments and capital flows," he said, adding that even if some restrictions were eased, Western countries would find alternative ways to create obstacles. He argued that the global economy was entering a "new spiral of economic rivalry" and that Russian businesses must be prepared for further challenges.

The Russian economy, Putin said, would inevitably experience a slowdown as a result of sanctions and the high and sticky inflation it has caused, but should remain stable. Inflation control and maintaining low unemployment levels would be key priorities. "The Russian economy should become a “safe haven.” A dramatic decline in growth rates of the national economy should be prevented," he said.

Putin asserted that Russia had adapted to sanctions, which earlier this month he argued were actually a boon for the Russian economy as they have stimulated investment and innovation. The exit of multinationals handed entire business niches over to Russian entrepreneurs, fully formed for kopecks on the dollar, in one of the biggest asset transfer events in Russia's history.

"The Russian business skilfully used the exit of Western companies and took the niches earlier held by them," he said. While some foreign firms wished to return, Russian companies would be given priority. Those that had continued operating in Russia under different brands would be "treated with respect."

The Kremlin has tasked the Cabinet with establishing a framework for Western firms wishing to re-enter the Russian market, ensuring fair commercial conditions that will be judged on a case-by-case basis. However, Putin made clear that returning companies would not receive financial advantages.

"The Western businesses will not be able to repurchase their Russian operations for modest amounts of money. That train has left for Western companies, whose niches were occupied. There will be no privileges and preferences for the ones returning," he said.

Discussing global trade, Putin claimed that "it will not be as it has been before," and warned against reliance on Western legal frameworks for investment protection. "Only fully sovereign countries are capable of dynamic and progressive growth in the interests of their people. The majority of European countries lost their sovereignty and faced serious problems in the economy and the security sphere as a result," he said.

Meanwhile, Russian business representatives held talks with Robert Agee, President and CEO of the American Chamber of Commerce in Russia, regarding the potential easing of sanctions in specific sectors. Trump’s special envoy, Richard Grenell, also met officials in Switzerland to discuss possible Russian gas exports to Germany via Nord Stream 2. Additionally, Moscow and Washington are exploring economic cooperation in the Arctic, including natural resource development and trade routes.