Salvini said he would use any means possible to convince European partners to scrap sanctions brought in over Russia's annexation of Crimea in 2014 and subsequent activity in the east of Ukraine.
"Vetoes are only a last resort but I am not excluding anything," he told a press conference.
"Italy is the European country that has suffered the most from these sanctions against Russia." He said he wanted to create opportunities for small- and medium-sized businesses in the two countries to work together.
Salvini also said Russia's return to the G7 would be "absolutely legitimate". US President Donald Trump made a similar suggestion last month.
Salvini today met representatives of the state Council for Russian National Security.
They discussed opportunities for cooperation between Italy and Russia including in "the fight against Islamic terrorism" as well as illegal immigration.
The day before the Italian minister attended the World Cup final in Moscow.
Salvini said the Italian prime minister would travel to Russia to meet Putin "in the second half of October".
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