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Putin sees positive trends in Russia’s economy, warns of lower oil prices

Russian President Vladimir Putin said Thursday that Russia’s economy has positive trends in sight, but warned of continued downturn of global oil prices.

Putin made the remarks in his annual state of the union address to the Federal Assembly.

SOUNDBITE (RUSSIAN): VLADIMIR PUTIN, Russian President
“The situation is really complicated but I must repeat that it is not critical.”

The Russian leader said decline in global oil prices and other traditional Russian exports, together with Western sanctions imposed on Russia, has restricted the access of Russian financial institutions and companies to world financial markets.

However, the president believed that positive trends are emerging.

SOUNDBITE (RUSSIAN): VLADIMIR PUTIN, Russian President

“Industrial production and the exchange rate of the national currency have stabilized in general. There is a visible inflation slowdown and we have noticed a substantial reduction in the capital drain compared to 2014.”

(Video courtesy of Ruptly)

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