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President Putin urges Russian resilience for hard times President Putin urges Russian resilience for hard times
(about 1 hour later)
President Vladimir Putin has warned Russians of hard times ahead and urged self-reliance, in his annual state-of-the nation address to parliament.President Vladimir Putin has warned Russians of hard times ahead and urged self-reliance, in his annual state-of-the nation address to parliament.
Russia has been hit hard by falling oil prices and by Western sanctions imposed in response to its interventions in the crisis in neighbouring Ukraine.Russia has been hit hard by falling oil prices and by Western sanctions imposed in response to its interventions in the crisis in neighbouring Ukraine.
The rouble, once a symbol of stability under Mr Putin, suffered its biggest one-day decline since 1998 on Monday.The rouble, once a symbol of stability under Mr Putin, suffered its biggest one-day decline since 1998 on Monday.
The government has warned that Russia will fall into recession next year.The government has warned that Russia will fall into recession next year.
Speaking to both chambers in the Kremlin, Mr Putin also accused Western governments of seeking to raise a new "iron curtain" around Russia.Speaking to both chambers in the Kremlin, Mr Putin also accused Western governments of seeking to raise a new "iron curtain" around Russia.
He expressed no regrets for annexing Ukraine's Crimea peninsula, saying the territory had a "sacred meaning" for Russia.He expressed no regrets for annexing Ukraine's Crimea peninsula, saying the territory had a "sacred meaning" for Russia.
He insisted the "tragedy" in Ukraine's south-east had proved that Russian policy had been right but said Russia would respect its neighbour as a brotherly country.He insisted the "tragedy" in Ukraine's south-east had proved that Russian policy had been right but said Russia would respect its neighbour as a brotherly country.
The BBC's Sarah Rainsford in Moscow writes: Analysis: BBC's Sarah Rainsford in Moscow:
The final draft of Vladimir Putin's annual speech is written by the president himself. It is his view of the state of the Russian nation and highlights his priorities for the year ahead. The final draft of Vladimir Putin's annual speech is written by the president himself. It is his view of the state of the Russian nation and outlines his priorities for the year ahead.
So it is telling that Mr Putin chose to stress his unwavering, hard line on the crisis in Ukraine: what happened in Kiev was an "illegal coup" and Crimea, which Russia annexed, was like "holy land" for Russia and would always be treated that way. So it's telling that Mr Putin chose to stress his unwavering hard line on the crisis in Ukraine: what happened in Kiev was an "illegal coup" and Crimea, which Russia annexed, is like "holy land" for Russia and will always be treated that way.
Mr Putin went on to accuse the West of meddling in Russia's internal affairs, claiming that sanctions were merely an excuse to "contain" the country as it grew stronger and more independent. Vladimir Putin again accused the West of meddling in Russia's internal affairs and using sanctions to "contain" the country as it grew stronger and more independent. His response was a rallying-cry to Russians to pull together for the good of their country.
Earlier this year, such talk worked well, fuelling a surge in patriotism. But Russians are starting to feel the economic consequences of their president's foreign policy, through sanctions. For those who worry, there was little suggestion from this speech that things would improve soon. That included a remarkable call for a one-off amnesty on the return of Russian capital stashed offshore. But people here are starting to feel the economic consequences of their president's defiance, though sanctions. For those who are worried, this speech probably offered little reassurance.
On Monday, the rouble slid almost 9% against the dollar before rallying after suspected central bank intervention. As of Thursday morning, it was trading at 52.81 roubles to the dollar.On Monday, the rouble slid almost 9% against the dollar before rallying after suspected central bank intervention. As of Thursday morning, it was trading at 52.81 roubles to the dollar.
Over the past year the rouble has lost around 40% of its value against the dollar and inflation is expected to reach 10% early next year.Over the past year the rouble has lost around 40% of its value against the dollar and inflation is expected to reach 10% early next year.
Russians are believed to have taken more than $100bn (£64bn; €81bn) out of the country this year and Mr Putin promised an amnesty for anyone choosing to bring their money back.Russians are believed to have taken more than $100bn (£64bn; €81bn) out of the country this year and Mr Putin promised an amnesty for anyone choosing to bring their money back.
He said that they would face no questions over how they had earned it.He said that they would face no questions over how they had earned it.
Other economic measures Mr Putin outlined included:Other economic measures Mr Putin outlined included:
Sanction 'stimulus'Sanction 'stimulus'
Falling oil prices have affected Russia because of the country's reliance on energy exports.Falling oil prices have affected Russia because of the country's reliance on energy exports.
The estimated cost of sanctions and falling oil prices to Russia is $140bn a year, according to Russian Finance Minister Anton Siluanov.The estimated cost of sanctions and falling oil prices to Russia is $140bn a year, according to Russian Finance Minister Anton Siluanov.
Mr Putin sought to argue that Western sanctions should be seen as a stimulus.Mr Putin sought to argue that Western sanctions should be seen as a stimulus.
"We have a huge internal market and resources... capable, intelligent people," he said. "Our people have demonstrated national strength, patriotism - and the difficulties we are facing create new opportunities"."We have a huge internal market and resources... capable, intelligent people," he said. "Our people have demonstrated national strength, patriotism - and the difficulties we are facing create new opportunities".
Condemning the "pure cynicism" of the West, he suggested that even if Crimea had not been annexed, the West would have come up with a different pretext to impose sanctions to contain Russia's resurgence.Condemning the "pure cynicism" of the West, he suggested that even if Crimea had not been annexed, the West would have come up with a different pretext to impose sanctions to contain Russia's resurgence.
Russia, he said, would not enter an "expensive arms race" but would provide its own security.Russia, he said, would not enter an "expensive arms race" but would provide its own security.
President Putin remains popular, the BBC's Steve Rosenberg reports. One opinion poll this week suggested that 72% of Russians still approved of the way he was running the country.President Putin remains popular, the BBC's Steve Rosenberg reports. One opinion poll this week suggested that 72% of Russians still approved of the way he was running the country.