MOSCOW, January 23. /TASS/. The Russian investment community can replace foreign investment with local funds, Russian businessman, CEO of Norilsk Nickel Vladimir Potanin said in an interview with RBC TV channel.

"If certain companies leave our country, it is far easier to provide the investing community the opportunity to handle this problem on its own rather than use confiscations and other harsh measures. It has every opportunity to replace foreign investment with local investment," he said.

According to Potanin, the withdrawal of foreign companies from the Russian market led to the fact that Russian investors could acquire such companies on more attractive terms.

In April 2022, Societe Generale announced the termination of its operations in Russia and the sale of its stake in Rosbank to Vladimir Potanin's Russian company Interros.

In addition, Potanin opposed the nationalization of foreign assets. He further argued that asset forfeiture ruins the investment climate in the jurisdiction where it happens. "We must learn from other people’s mistakes. Especially because we already had ours in 1917. Disregard for people’s personal liberties and the right to property has led to negative consequences. You just have to refrain from doing that," Potanin said.

"There is no need for confiscations, no need for nationalization. We need to develop the investment climate and replace some investments with others - local and from friendly countries," the businessman said.