Putin says Western sanctions will make Russia more independent

The West's unprecedented sanctions on Russia will make the country more independent from the rest of the world, according to Russian President Vladimir Putin.

"Sanctions pressure has always existed, but now it has a complex character, it creates certain issues, problems and difficulties for us," Putin told government officials at a meeting.

"But just as we overcame these difficulties in the past years, we will overcome them now," he said, according to Interfax news agency.

"We have to get through this period," he said. "The economy will undoubtedly adapt to the new situation. This will lead to an increase in our independence, self-reliance and sovereignty."

Meanwhile, the Russian government said it was planning to confiscate assets belonging to foreign firms who decided to quit the country following its invasion of Ukraine on Thursday.

Confiscation of production facilities

The announcement came as Hugo Boss, TUI, the world's largest travel and tourism company, the investment bank Goldman Sachs and the money transfer giant Western Union became the latest big names to announce they were ending all business operations in Russia.

Fashion giant Hugo Boss said it was closing all of its 28 outlets in Russia, as well as halting online sales. The firm said it would continue to pay the wages of some 200 staff in the country.

As the announcements of withdrawals continued throughout the day, former Russian president Dmitry Medvedev said that Western businesses leaving Russia due to the war may have their companies and production facilities confiscated by the Russian state.

Saying that businesses leaving the country were "basically abandoning their staff to their fate," Medvedev announced the Russian government was taking steps to bring about the insolvency and nationalization of their assets in Russia to prevent Russians ending up unemployed and on the streets.