President Vladimir Putin said it could take Russia two years to recover. LONDON (CNNMoney)
Speaking to journalists at his annual news conference, Putin said it could take Russia two years to overcome the tough economic situation facing the country.
Putin said sanctions -- imposed by the West over Moscow's annexation of Crimea and its support for separatist rebels in eastern Ukraine -- were responsible for 25% of Russia's economic woes.
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His optimism about the economy's ability to pull through is based on an assumption that demand for Russian oil will grow again.
"That is a fact of life," he said.
Half of Russian government revenue comes from oil and gas exports. If oil prices stay at $60 a barrel, the Russian economy is expected to shrink by almost 5% in 2015.
Asked about the collapse in the ruble -- the currency has lost 45% against the dollar this year -- Putin said the central bank could have acted "sooner and in a harsher way."
The bank's drastic interest rate hike last week was adequate, he said, adding that he expects rates to head lower "sooner rather than later."
Related: 10 things you need to know about Russia
First Published: December 18, 2014: 6:40 AM ET
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