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Vladimir Putin Addresses Tumultuous Events of 2014 Vladimir Putin’s Annual Year-End News Conference
(35 minutes later)
President Vladimir V. Putin of Russia began his annual news conference in Moscow on Thursday, with Russians and the wider world expecting him to publicy address the ruble crisis for the first time. President Vladimir V. Putin of Russia said on Thursday that the crisis in the nation’s currency, the ruble, and the country’s broader economic woes had been provoked by outside forces, but that his government was taking adequate steps to confront them.
He said in his opening remarks that the ruble crisis, and Russia’s broader economic crisis, were provoked by outside forces but that Moscow and its central bank had adequate means to stabilize the currency. At his annual year-end news conference before 1,200 journalists, Mr. Putin said that initial moves to stabilize the ruble may have been too slow, but he promised quick action to avoid further economic damage. He also promised to maintain social welfare programs at their current level.
He said that initial measures may have been too slow, but promised to speed action to avoid further economic damage. “I believe that the central bank and the government are taking adequate measures,” he said. “I believe that the central bank and the government are taking adequate measures,” Mr. Putin said. He added that he expected the downturn to last two more years.
Showing no signs of being chastened by Russia’s economic problems and by its increasing political isolation, Mr. Putin criticized the eastern expansion of NATO and compared it to a new Berlin Wall.
“They didn’t have to dig,” Mr. Putin said. “It is a virtual wall.”
Mr. Putin has managed to maintain high popularity ratings during 15 years of leading Russia, in large part by assuring security and prosperity. But the recent nose dive of the ruble, which has lost half its value in recent weeks, is threatening that achievement.Mr. Putin has managed to maintain high popularity ratings during 15 years of leading Russia, in large part by assuring security and prosperity. But the recent nose dive of the ruble, which has lost half its value in recent weeks, is threatening that achievement.
The currency’s plunge came in large part as a result of a precipitous drop in oil prices. Energy resources constitute 60 percent of the country’s exports, and Russia’s budget is built around an oil price of roughly $100 a barrel, whereas oil is now selling at about $61 a barrel. But Western sanctions imposed after Russia annexed Crimea and destabilized Ukraine have compounded the problem.The currency’s plunge came in large part as a result of a precipitous drop in oil prices. Energy resources constitute 60 percent of the country’s exports, and Russia’s budget is built around an oil price of roughly $100 a barrel, whereas oil is now selling at about $61 a barrel. But Western sanctions imposed after Russia annexed Crimea and destabilized Ukraine have compounded the problem.
Russian companies owe about $650 billion to Western banks, while the country’s foreign exchange reserves are pegged around $400 million. The government tried to calm the exchange market by announcing that it had sufficient money to cover the debts, but with all new financing from the West cut off by sanctions, the source of that money remains unclear. Russian companies owe about $650 billion to Western banks, while the country’s foreign exchange reserves are pegged at about $400 million. The government tried to calm the exchange markets by announcing that it had sufficient money to cover the debts, but with all new financing from the West cut off by sanctions, the source of that money remained unclear.
Russia’s state-controlled television has been promoting the news conference all week with a fast-paced advertisement that shows quick clips of some of the year’s major events, including the Olympic Games in Sochi, the annexation of Crimea, charts of financial performance, the situation in the Middle East and floods in Russia’s far east. It ends with a screen of print giving the name and date of the news conference. Russia’s state-controlled television has been promoting the news conference all week with a fast-paced advertisement that shows clips of some of the year’s major events, including the Olympic Games in Sochi, the annexation of Crimea, charts of financial performance, the situation in the Middle East and floods in Russia’s far east. It ends with a screen of print giving the name and date of the news conference.
Neil MacFarquhar, the New York Times Moscow bureau chief, is attending the news conference of and providing updates via Twitter, below. His full report will follow on NYTimes.com after the end of the question-and-answer session.Neil MacFarquhar, the New York Times Moscow bureau chief, is attending the news conference of and providing updates via Twitter, below. His full report will follow on NYTimes.com after the end of the question-and-answer session.
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