Russian oligarch criticises Putin's plans to seize assets of foreign companies, saying it will take the country back to the turbulent days of the Russian Revolution

One of Russia's wealthiest tycoons, Vladimir Potanin, took aim at the Kremlin's plan to take the assets of foreign companies out of the country.

The news was reported by multiple outlets.

Potanin, the president of Norilsk Nickel, the world's largest producer of palladium and refined nickel, said in a message that the move would set Russia back 100 years.

He said in the message that it would take us back a century to 1917, and that it would cause global distrust of Russia.

According to the Financial Times, Russian President Vladimir Putin said in a meeting that the Kremlin is looking for legal solutions to take over foreign assets of international companies that are pulling out of its market.

We must act quickly with regards to those who are planning to close their facilities. By no means must we allow any harm to local Russian suppliers, said Putin, according to the outlet.

The plans appear to be in response to the sanctions imposed on Russia by the West.

Potanin said in a Telegram message that they should not try to "slam the door" but try to preserve Russia's economic position in those markets.

He urged the Russian government to act with caution when confriming foreign assets.

Potanin said that in light of the economic restrictions directed against Russia, there may be an understandable desire to act symmetrically.

He continued, "We must be smarter and avoid a scenario where retaliatory sanctions hit ourselves."

Russia has banned the export of more than 200 items through the end of the year in response to Western sanctions.