Putin: West wants to chain the bear but we will be stronger in two years

Russian President Vladimir Putin insisted his country will recover from its current financial crisis in two years - or less. He said Russia has sufficient reserves and the economy will rebound quickly. Even “under the most unfavourable world conditions, such a situation can last two years,” Mr Putin said. “It could improve earlier too,” he added. Mr Putin blamed the crisis on “external economic factors… mainly the price of oil and gas” and pledged to help those in most need.

I think the central bank and the government are taking adequate measures. If the situation develops unfavourably, we will have to amend our plans.

Russian President Vladimir Putin

He added: “Beyond a doubt, we will have to cut some (spending). But a positive turn and an exit from the current situation are unavoidable.” Mr Putin was speaking on Thursday at his end-of-year media conference as the rouble lost more ground against the dollar and the euro. At one point the currency was more than 2% weaker on the day despite efforts by the central bank to prop it up by increasing its rate of interest to 17%. Until now the Kremlin has remained silent on the issue of the rouble’s crash, which took it to historic lows of 80 to the dollar and 100 to the euro.

What they are trying to do is chain the bear and when they manage to chain the bear they will just take out its fangs and claws.

Vladimir Putin on Western sanctions against Russia