President Vladimir Putin said on Friday Russia had a "sufficient supply of inner strength" to overcome its economic problems and assured investors that his country remained open to business with the West.
Addressing foreign and Russian business leaders at an economic conference in the city of St Petersburg, Mr. Putin set out no new plans to end Russia's economic downturn, worsened by Western sanctions over the Ukraine crisis and low oil prices.
"Our access to global capital markets is limited and to that you have to add the fall in the price of our main export commodities," Mr. Putin said.
"But the global crisis that was predicted for Russia has not happened," he said. "We have stabilised the situation, erased the negative swings, the negative fluctuations on the market and are going confidently through this period of difficulties."
He said the main reason for this was that Russia had a "sufficient supply of inner strength".
Promising a transparent economy and predictability for investors, he said he was confident cooperation with the West would continue.
