Russian President Vladimir Putin has taken part in his annual year-end news conference, arguing Russia is not in an economic crisis.
The Russian leader has gone on-record saying he believes the Russian economy will revived in 2-years.
The comments come as Russia copes the dramatic decline in the value of the Russian ruble, which has lost around 60-percent of its value this year.
In making the statement, Putin is cautioning that external factors may continue to see the ruble decline in value for the next couple of years.
Putin says his government is planning further measures, including spending cuts, to stabilize the country's economy.
"We need to use this situation to create more conditions for the industry and the diversification of the economy. I hope that the current situation will help us do that."
The Russian central bank will also offer more loans to small and medium-sized companies.
Putin also notes Russia has a large reserve of foreign currency, which he says should help Russia put its economy back on track.
