Italy’s government had asked Italian firms not to go ahead with a virtual meeting with Russian President Vladimir Putin on Wednesday that sought to strengthen business ties between the two countries.
But the morning discussion went ahead, with Mr Putin saying he saw Italy as a key business partner.
“The meeting is a private initiative and there is no government involvement in it,” an Italian official said, Reuters reported.
Mr Putin told senior figures from some of Italy's top companies that Russia was a reliable energy supplier and Rome was able to buy gas from state-backed Gazprom at lower prices thanks to long-term deals.
"Even before the Italian Republic was established, there was already business between Italians and Russians," said Vincenzo Trani, president of the Italian-Russian Chamber of Commerce.
"There have been some difficulties and challenging outside factors in recent years between Russia and Italy. Of course, challenging factors, and various issues have arisen before, and we were always able to overcome them through dialogue."
The Italian government request comes amid heightened tensions between the West and Russia over Ukraine.
Nato and the EU have sought to portray a unified message on Russia, which has built up around 100,000 troops on its border with Ukraine. Moscow rejects accusations that an invasion is imminent.
Nato has stepped up preparations for any military action from Russia and is making plans to protect Europe from any disruptions to Russian energy supplies.
The West has threatened to hit Russia with heavy sanctions if an attack does happen. The country has made a series of controversial security demands, which have been rejected by Nato, including a block on Ukraine ever joining the alliance.
However, Italian Prime Minister Mario Draghi – a former president of the European Central Bank – said Europe’s business relations with Russia make strong sanctions difficult. Italy also opposed EU sanctions on Russia following its 2014 annexation of the Crimea.
While he has underlined Italy’s commitment to the US and EU, Mr Draghi said last month Brussels has only limited options for deterring Russian advances towards Ukraine.
“Do we have missiles, ships, cannons, an army? At the moment no,” Mr Draghi said last month. “We Europeans, at best, have some economic deterrents,” adding that “the EU needs to keep engaging with President Putin”.
Italian firm Eni has strong natural gas ties to Moscow, with around 30 per cent of its supplies sourced from Russia. Italy was Russia's fifth-biggest trading partner in 2020.
Italy’s defence minister reiterated on Wednesday his country wanted a peaceful solution to the crisis, but would uphold its Nato commitments.
“The Alliance has provided for a strengthening of deterrence measures on its eastern flank to which Italy is also participating in terms of operations and missions already authorised by parliament,” Lorenzo Guerini said. “If further decisions will be taken, always within the Nato strategy of deterrence, Italy will give its further contribution and will do its part.”
In Nato member state Croatia, a dispute over Ukraine has emerged between the country’s president and foreign ministers.
President Zoran Milanovic caused controversy when he said Croatian troops would be withdrawn from Nato’s Eastern Europe deployments if tensions increased.
But Minister of Foreign Affairs Gordan Grlic Radman insisted “the president does not speak for Croatia, but for himself".
"We are and will remain a loyal member of Nato. Everything we do, we do in consultation with our partners," he said.
“In times like these, it is particularly important to show solidarity among partners, and Croatia will do so in the EU and in Nato.”
