Vladimir Putin is speaking at an economic forum in the far eastern Russian city of Vladivostok, where he is seeking to strengthen regional ties.

Addressing the meeting, he claims Western companies want to return to Russia after what he describes as political restrictions were lifted.

Since Russia launched its invasion of Ukraine in 2022, many Western companies have pulled out and its economy has been hit by rounds of successive sanctions targeting its financial, military and energy sectors.

One of Moscow’s most powerful bankers warned that a recession may be looming in the country yesterday.

But Putin uses his speech to talk up the strength of Russia’s economy, as well as the country’s relationship with China, saying Russia and China has “many mutual interests”.

The Russian leader has just returned from a visit to Beijing where he was the guest of honour at Xi Jinping’s military parade and the two leaders signed a memorandum on a big new gas pipeline project.

Putin also says Russia has “good relations” with many countries, including India and Indonesia.