Billionaire Andrew Forrest pulls back green energy projects in Russia, condemns Ukraine invasion; tells ABC he "ran a ruler" over energy giant AGL

Mining billionaire Andrew Forrest has pulled back his renewable energy interests in Russia, condemning Vladimir Putin's invasion of Ukraine. 

The Fortescue Metals chairman tells the ABC's Peter Ryan he's met with Mr Putin on previous trips to Moscow describing him as "very tough" and someone who won't be rattled by western sanctions.

"I'm devastated. I've spent time in Crimea, I've spent time in the Ukraine. We have been trying to work with Russia for some time, we've made it incredibly clear that you just have no excuse to go and invade another country," Mr Forrest told the ABC.

"A world moving to a full green energy future won't be based on who has the gas or the oil. It will be based on the best leadership. So Russia is looking like coming last in that race."

The Fortescue Metals chairman said the company's renewables arm Fortescue Future Industries would retreat from green hydrogren projects underway in Russia.

Mr Forrest says he's met with Mr Putin on previous trips to Moscow describing him as "very tough" and someone who won't be rattled by western sanctions.

"He's incredibly intelligent person, not to be underestimated in any way. And tough, very tough," Mr Forrest said.

Opening a $3 billion green energy plant at Gladstone in central Queensland, Mr Forrest urged Prime Minister Scott Morrison to join other world leaders in cutting Russia offer from the SWIFT global payments system.

"I think we need to step over the line here. I know that it's going to cause inconvenience to many countries, including Australia. But I implore our government to get this job done," Mr Forrest said.

"Yes, it's going to be inconvenient for every nation, but it will cut off the flow of money to the invading weapons, which are causing the fatalities. And I believe we should do it."

Russia is home to around a third of the world's iron ore reserves meaning it is a rival to Fortescue's iron ore exports.

But Mr Forrest had a careful response when asked if sanctions created an opportunity for Fortsecue to target Russia's iron ore clients.

"Look, I don't look at it like that at all. I mean we're not going to exploit ever the miseries of another country."

Mr Forrest also revealed he had "cast a ruler" over energy giant AGL which is now the target of an $8 billion takeover bid from tech billionaire Mike Cannon-Brookes and Brookfield Asset Management.

"I'm happy to admit that we have run a ruler over AGL many many times when the chairman invited us in through the front door to turn the door to turn there other coal fired power stations green," Mr Forrest said.

"We think AGL will be a good bet for Brookfield and Mr Cannon-Brookes."

Mr Forrest said he walked away after being convinced AGL was "already on the pace" in converting coal fired power stations to green technologies.

Mr Forrest also slammed Energy Minister Angus Taylor who has criticised the AGL bid and earlier said he was "bitterly disappointed" about Origin Energy's plans to close its Eraring coal fired station in New South Wales well ahead of schedule.

"He's standing in the road of global investment markets, never a wise thing. And he's trying to pretend that anything made from fossil fuel is clean," Mr Forrest said.

"It just makes me laugh. I thought - what's the difference between Angus Taylor and God? Well, God doesn't think he's Angus Taylor."