President Vladimir Putin today tried to quell fears of economic collapse and vowed rapid recovery from the worst financial crisis of his rule but stressed that his position on Ukraine has not shifted.
Speaking at an annual news conference, the Russian leader said that the economic downturn will last two years at most and promised to support the poorest section of the population.
However he indicated that the economic gloom has not swayed his stance on Ukraine, accusing the West of behaving like an "empire" and even comparing Russia to a bear who is under attack and fighting for survival.
Following the ruble's record fall in value this week, reaching 60 per cent since the beginning of the year, Putin assured Russians that the economic downturn would last two years at most.
"It goes without saying that a way out of this situation is inevitable," he said, promising to "focus attention on helping people who need it most."
He added that efforts by the central bank and government -- including a record hike of the key interest rate and spending billions to stabilise the ruble -- have been "absolutely reasonable and in the right direction," although they could have come quicker.
The Russian president had remained silent earlier this week on the ruble crash, which led Russians to rush to exchange their savings and splurge at stores to dump their devaluing national currency ahead of expected price hikes.
The marathon news conference, held in a trade centre in central Moscow, saw Putin face hundreds of journalists from all over Russia. Over 1,200 had signed up to attend, according to the Kremlin.
Putin admitted that Western sanctions over Moscow's involvement in the conflict in Ukraine -- where 4,700 people have died so far in fighting between Kiev's forces and pro-Moscow separatists -- contributed "25-30 percent" to the current economic situation.
But he made clear that his position on Ukraine has not changed, branding Kiev's military campaign against Russian-backed rebels in the east a "punitive operation".
He said the West is targeting Moscow not because of the annexation of Crimea and support for the rebels, but because of its "wish to survive as a nation, as a civilisation, as a state.
