MOSCOW

Russian President Vladimir Putin said on Tuesday that mere apologies will not suffice for Western companies seeking to return to the Russian market.

Speaking at a meeting with members of the Business Russia organization in Moscow, Putin emphasized that the government must take a pragmatic approach when determining the conditions under which foreign businesses may re-enter.

"We need to assess how each company behaved. Some were outright rude and insulting," he said. "Some transferred funds to the Ukrainian armed forces. An apology, in such cases, is clearly not enough."

Addressing recent threats from European politicians to impose new sanctions should there be no progress in resolving the conflict in Ukraine, Putin asserted that such measures would not intimidate Moscow.

"Still, we must fully understand what might come and be prepared for any actions by potential future adversaries," he added.