Moscow, Jun 30 (IANS): Western sanctions and the departure of foreign companies have a positive effect on the Russian economy, as such moves have expanded business opportunities for Russian entrepreneurs, Russian President Vladimir Putin said.

"As I have already said ... the world hasn't collapsed as a result of the sanctions or the departure of Western companies," the Kremlin cited Putin as saying at the plenary session of the third economic forum "Strong Ideas for the New Times" on Thursday.

According to the President, Russian entrepreneurs have many more opportunities than before, and are able to "actively occupy vacant niches in the market," as well as identify new niches, which will lead to overall economic growth.

Putin noted that domestic manufacturers have already proven that they are able to work well, Xinhua news agency reported.

It is important to support Russian businesses so that they can expand their presence worldwide, he said.