Putin: Russia should get ready for long period of hardship

MOSCOW, Dec 3 (PRIME) – Russia should be prepared for a long period of low oil prices and foreign restrictions, President Vladimir Putin told parliament on Thursday.

“But this doesn’t mean that we should calm down and wait that everything will miraculously change or wait when oil prices will increase. Such an approach is unacceptable. We should be ready that a period of low raw prices and possibly foreign restrictions can stay for long,” he said.

He said that the economic situation remains difficult, but capital outflow and inflation are slowing down.

“The situation is indeed difficult, but as I said before and want to confirm, it is not critical. We already see positive trends today: industrial production and the national currency rate have on the whole stabilized. A reduction of prices has been outlined. As compared with 2014, we are recording a significant reduction of capital outflow, but this does not mean that we should calm down and wait,” Putin said.

The construction, railway machinery, automobile, and light industries are in the risk zone and require special support programs, Putin also said.

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