Putin Sees Russia's Economic Troubles Lasting No More than Two Years (RSX) (RUSS)

The ruble is showing more gains Thursday following an annual address issued by Russian president Vladimir Putin.

In part, Putin believes Russia's economic troubles will pass within two years and said the government and central bank are responding appropriately. If the situation is very bad, we will have to change our plans, cut some things, Putin noted.

Address the recent drop in the ruble, Putin said he thinks moves to ease banking regulations and encouraging exporters to sell foreign currency will help bolster the recent recovery following its sharp drop.

While Putin noted that economic troubles were chiefly the result of external factors -- presumably the recent drop in crude oil prices -- he also noted that Russia failed to diversify its economy properly.

Putin is confident in public support, with him stating, people with their hearts and souls feel that we, and I, are acting in the best interests of Russia.

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