Worst of economic crisis in Russia is over

The worst of Russia's economic crisis is over as the country's economy has adapted to new realities, President Vladimir Putin said Tuesday.

"It is clear that we have passed the highest peak of the burden, although this does not mean that everything will go into overdrive," Putin told a conference in St Petersburg, according to an official transcript.

The Russian economy went into recession last year, as the price of oil, the country's main export, fell sharply and Western sanctions over the Ukraine crisis limited banks' access to international credit markets, dpa reported.

The Russian President argued that the country's economy could weather the storm because it had adapted to the difficulties. "There was and there will be no collapse," he said.

Putin pointed out that the rouble had picked up significantly over recent weeks. The Russian currency bounced back to 52 roubles to the dollar, down from 70 dollars in late January.
Source: QNA