By Jonathan Davies

Russian President Vladimir Putin has stressed that the rouble will stabilise after this week's free-fall.

The currency broke the so-called "psychological barrier" of 60 roubles per $1 at the start of the week, but reached all-time lows on Tuesday with $1 buying 80 roubles.

Mr Putin said: "Our economy will get out of this crisis. How long? Maybe two years, but after that, growth is inevitable."

Despite the rouble's crash, he claimed that the country's reserves were enough to keep the economy stable. But he did admit that the government may have to "reduce social spending and future growth".

'Outside factors'

In his end-of-year conference, the Russian President said "outside factors" were to blame for the currency's crash, but admitted that the country's central bank could've acted sooner.

He again blamed the sanctions imposed by the EU and US for the economic problems. Mr Putin also said he hopes that a resolution to the ongoing tensions over Ukraine can be found through peace talks.

Join us on
Follow @freshbusiness