(VOVworld) – The Russian economy will definitely come out of its current slump and continue to grow but at a slower rate, President Vladimir Putin told 1,200 journalists at an annual press conference on Thursday. His 10^th such event came amid numerous challenges facing Russia. Putin said Russia is likely to use the measures it applied successfully in 2008 and will focus on helping those who are really in need.

President Putin's 10th press conference is broadcast live. (Photo: Reuters)

Putin said the Russian Central Bank has taken appropriate monetary measures, but he admitted the possibility that the ruble and oil prices might continue to fall, saying Russia will not prop up the ruble. The current economic troubles may last 2 more years, Putin said, but Russia’s economy will rebound more rapidly if external factors improve.

Putin reiterated Russia’s message to its partners that they need to build a common humanitarian space of security rather than building walls.

Putin said of the Ukraine situation that a coup has taken place in Kiev and some of the Ukrainian people do not agree with those developments. The Kiev government, instead of engaging them in dialogue, reacted with force and shutdown the economy. Putin expressed his belief that violence will absolutely result in no future for the Ukrainians and said Russia is ready to act as an intermediary to restore peace there.