President Vladimir Putin vowed on Thursday that Russia would rapidly recover from its financial crisis and said his grip on power was firm, even as new Western sanctions and a run on the ruble pile on the pressure.
The Russian strongman, who is locked in a confrontation with the West, showed no willingness to change track on Ukraine and dismissed the possibility of the country’s elite turning against him.
Sanctions-hit Russia is grappling with a ruble collapse seen as a major test for Putin, whose pact with voters has been based on the relative prosperity brought by years of high oil prices. “Yes, these are not easy times,” Putin told his end-of-the-year news conference, acknowledging that oil prices could keep falling.
He said Russia would adjust to low oil prices, but he gave no recipe for turning the economy around. “Under the most unfavourable world conditions, such a situation can last two years,” Putin said.