Vladimir Putin has predicted Russia will recover from its current financial crisis in two years or less.
Mr Putin was speaking at his end-of-year media conference as the Russian rouble lost more ground against the dollar and the euro.
But he said the country had sufficient reserves and the economy would rebound quickly.
Even "under the most unfavourable world conditions, such a situation can last two years," Mr Putin said.
"It could improve earlier too," he added.
Mr Putin blamed the crisis on "external economic factors... mainly the price of oil and gas" and pledged to help those in most need.
"I think the central bank and the government are taking adequate measures," he said.
"If the situation develops unfavourably, we will have to amend our plans.
"Beyond a doubt, we will have to cut some (spending). But a positive turn and an exit from the current situation are unavoidable."
Mr Putin said Western sanctions have not had a big effect and accused the West of behaving like "an empire" and treating other countries like its vassals.
He also accused the West of trying to "chain" the Russian bear.
"Probably our bear should just relax and sit quietly and just eat honey instead of hunting animals. Maybe then they will leave the bear in peace," he said.
"But they will not. What they are trying to do is chain the bear and when they manage to chain the bear they will just take out its fangs and claws."
The slump in the rouble has largely been attributed to the global fall in oil prices and the impact of Western sanctions imposed over Ukraine.
Some observers also blame a lack of economic strategy by Mr Putin during his 15 years in power.
At one point the currency was more than 2% weaker on the day despite efforts by the central bank to prop it up by increasing its rate of interest to 17%.
Until now the Kremlin has remained silent on the issue of the rouble's crash, which took it to historic lows of 80 to the dollar and 100 to the euro.
It has fallen in value by 60% since January and Russians have been cashing in their savings and rushing to buy expensive goods ahead of expected price hikes.
The EU, meanwhile, has dealt another blow to the Russian economy by imposing additional sanctions on Crimea, banning all investment and restricting trade.
It says the move is to underline the message it will not recognise Russia's "illegal annexation" of Ukraine territory.
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