At today's press conference Russian president Valdimir Putin addressed 1,259 journalists, and discussed the country's current economic difficulties - highlighting the role that Western sanctions have played in Russia's currency crisis.

He also defended the country's foreign policy, and accused the United States of raising global tensions.

External Factors

Addressing the economy, Mr Putin said: "Of course, this situation has been provoked by external factors, first and foremost."

Both the European Union and United States have imposed economic sanctions on Russia as a result of the country's involvement in the ongoing conflict in Ukraine.

The Russian leader cited an over reliance on oil as the main factor that had caused the collapse - but estimated that between 25 and 30 percent of the rouble's current difficulties have been caused by economic sanctions.

He also labelled the sanctions illegal and illegitimate.

Two-year plan

Speaking about the country's current economic challenges, he added: "Our economy will overcome the current situation. How long will it take? I believe about two years in the worst situation."

Mr Putin said that he believes that the Russian central bank has taken appropriate action to stabilise the country's currency. As he spoke the rouble was trading at 62 roubles to the US dollar, up 12 percent from the historic low of 80 roubles to the dollar, recorded earlier in the week.

He reiterated his recent statements saying that Russia can use the crisis to reorder and diversify its economy. A more diverse economy would make the country less dependent on gas and oil prices. 

Russia is facing what finance minister Alexei Ulyukayev described as a 'perfect storm' - a mix of low oil prices, western sanctions, and a slowing global economy.

Russian president Valdimir Putin, talking foreign policy earlier today, via RT

Taming the bear 

Mr Putin spoke in metaphors when describing his view of the county's relationship with the West, comparing Russia to a bear that is defending its forest: "Sometimes I think, maybe they’ll let the bear eat berries and honey in the forest, maybe they will leave it in peace - they will not. They will always try to put him on a chain, and as soon as they succeed in doing so, they tear out his fangs and his claws.”

Provocation

BBC journalist John Simpson asked Mr Putin about the Western perception that the world has entered a new Cold War, and that Putin's foreign policy has created this situation. He invited him to clarify his take on the situation, asking: "Would you take this opportunity to tell people in the West that you have no desire to carry on with this new Cold War, that you will do whatever you can to resolve the situation in Ukraine?"

Mr Putin took this as an opportunity to address the idea that Russia has been the source of rising tensions: "You say Russia created this tension. Of course we contributed to this tension but only in a sense; we're protecting our interests in a tougher way. We're not encroaching on anyone else's interests, just protecting our own."

He proceeded to accuse the United States of raising international tensions: "What about what the Americans are doing, what about their tactical nuclear weapons [in Europe], for example?...The Pentagon's budget is ten times higher than our equivalent."

Where is the love?

The annual press conference opens the floor to questions from both international press organisations, and local regional Russian outlets - it has been suggested that a number of the questions are planted by the government.

Between talk of the rouble and geopolitics Mr Putin also fielded questions about issues like parking fines in Moscow. Another Russian reporter said that her aunt was worried about Mr Putin, because he must get stressed out - she asked if he was okay, and if he still had a personal life?

He replied that she should not worry about him, and continued: "A friend of mine, a dignitary from Europe, asked me recently: do you have love in your life? Well yes, there is someone I love, and people love me back. Everything is just fine. I have very good relations with Lyudmila [ex-wife], we see each other regularly. I see my children regularly too, but not as often as I would like."