"Of course we must take today's realities into account ... but strategically, isolationism is not our choice," Interfax news agency quoted Putin as telling a government meeting.
"Our choice is ... building Russia further into the global economy," he added.
Russian leaders say inefficiency of Western economic institutions fuelled the financial crisis. They have called for a wholesale revision of the rules of the global economy.
"We advocate consistently removing barriers to foreign trade and forming ... transparent rules of the game in the world economy and finance," Putin said.
Putin also warned against attempts to use the global crisis as a pretext to limit capital flows, RIA news agency reported.
The financial crisis has coincided with problems for Moscow in its relations with the West over its intervention in Georgia in August when Russia sent in troops and tanks to repel an offensive by the Georgian military to retake pro-Russia South Ossetia.
The European Union has suspended talks with Russia on a cooperation pact, while some U.S. leaders say Russia should have its accession to the World Trade Organisation halted and that it should be expelled from the Group of Eight rich nations.
"We are still interested and will work on joining the WTO and are ready for a dialogue with the European Union on a new strategic partnership treaty," Putin told his ministers.