Russia will respect private ownership unlike the West – Putin

Russian President Vladimir Putin said on Wednesday the country has no plans to nationalize foreign assets in response to seizures of Russian property abroad.

"Unlike Western countries, we will respect property rights," he added.

The arrests of the nation’s foreign assets and those of Russian businesses is a lesson for the country's entrepreneurs, according to Putin. 

"There is nothing more reliable than investments at home," the president said.

“We must understand that a new package of sanctions and restrictions against us would have followed in any development of events.”