Urges Russian Billionaires To Prioritize Patriotism Over Profits, President Putin Asks Entrepreneurs To Take Action

Russian President Vladimir Putin. (Source: Maxim Blinkov/RIA Novosti via Kremlin)

JAKARTA - President Vladimir Putin urged Russian billionaires on Thursday to prioritize patriotism above profit, asking them to invest in the country to support the economy in the face of Western sanctions.

Speaking directly to Russian business elites for the first time since he sent troops to Ukraine on February 24 last year, President Putin told them the role of entrepreneurs was not only to make money but also to support the community.

"The responsible entrepreneur is a real Russian citizen, his citizen, a citizen who understands and acts for his interests," President Putin said.

"He does not hide assets abroad, but registers companies here, in our country and does not rely on foreign authorities," President Putin continued.

On that occasion, he praised the "high mission" of entrepreneurs who take care of their workers and direct their talents, not only for profit but also for the public interest.

This was said by President Putin in the presence of several well-known Russian billionaires, such as Oleg Deripaska, Vladimir Potanin, Alexei Mordashov, German Khan, Viktor Vekselberg, Viktor Rashnikov, Andrei Melnichenko and Dmitry Mazepin.

President Putin said he wanted to hear the views of entrepreneurs on how to build a more dynamic economy, leading to a "real increase in the quality of life of people across the country".

Although greeted with lively applause, he conveyed a difficult message for the richest people in Russia: they should think more about the country's needs and not think too much about personal gain.

When he met them at the start of the war, President Putin said he had no choice but to launch a "special military operation", which basically forced them to show consent in public.

Many tycoons, known as oligarchs, were later sanctioned by the West, something President Putin used as an argument that investing in the country was safer.

Last month, he told business leaders that ordinary Russians did not sympathize with the seizure of cruise ships and the palaces of businessmen.

President Putin further said efforts to destroy Russia's economy by sanctions had failed. However, he also voiced the urgency, saying that Russia could not remain silent.

"I understand very well the threat is going on and what sympathizers say, which says Russia will be experiencing problems in the medium term. Yes, this is a threat we must remember," he said.

"I encourage you not to wait for these negative consequences from the medium term to come... you have to act right now," President Putin said.

It is known, Russia hopes its economy will experience growth this year, after a 2.1 percent drop last year. Economy Minister Maxim Reshetnikov told congress, GDP and investments would grow this year, but did not provide estimates.

Russia's economy has been unexpectedly proven to be resilient in facing last year's sanctions. However, returning to the level of prosperity before the conflict may still be far away, as more government spending is directed at the military.

President Putin himself has effectively put most of the economy on a warbed basis, with defense factories working around the clock to produce weapons, ammunition, and equipment.