Putin rules out economic collapse in Russia

There will be no economic collapse in Russia, although certain consequences of external sanctions and fluctuations in oil prices will probably be felt throughout the year, said President Vladimir Putin.

There will be no economic collapse in Russia, although certain consequences of external sanctions and fluctuations in oil prices will probably be felt throughout the year, said President Vladimir Putin.

"On the whole, it is obvious already that no collapse has occurred, or will happen. And this is the most important thing," Putin told a media forum of the Russian Popular Front in St. Petersburg on Tuesday.

"We have passed the peak of the strain," he said, citing experts' opinions.

"But this does not mean that everything will go skyward in one go. We may even feel the aftermath of what happened at the start of last year and at the beginning of this year all through 2015, and this will impact individual indices," Putin said.

"It is obvious to everyone, nevertheless, that the foundation of the Russian economy has grown stronger and that stability cannot be destroyed absolutely," he said.

"And, by the way, this is the most important factor that influences the national currency's exchange rate, not even slight oil price fluctuations - a little upwards, or a little downwards," he said.

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