Russia to develop new economic frontiers amid sanctions: Putin

Russian President Vladimir Putin said Thursday that Western sanctions bring opportunities for the Russian economy to achieve new development frontiers.

"We need to use this situation of sanctions to move on to new levels of development," said Putin during his annual live Q-and-A session with the Russian public.

"I hope that this will lead us to a more rapid development of advanced technology in Russia's economy."

Putin added that the country's economy would recover in about two years, given the current strengthening of ruble, market growth and other positive factors.

"We have passed the peak of problems" as foreign loans were fully paid and the ruble's exchange rates were adjusted, Putin said, adding that the government is able to prevent spiraling inflation.

"We faced certain external economic limitations that affected our development. But in general, we now see that the ruble is strengthening and stock markets are on the rise. We are able to prevent an inflationary spiral."

The government has envisaged a much worse economic situation than what is happening now, according to the president.

"In the beginning of the year we proceeded from the premise that the production decline would be significant. This did not happen," Putin said.

He also expressed confidence in the anti-crisis measures taken by the Russian government.

"I believe we have acted in the optimal way," Putin said, adding that Russia "definitely has enough resources" to cope with current economic problems.

The Russian economy deteriorated due to a sharp decrease in oil prices and Western sanctions imposed against Moscow over the Ukraine crisis.

Nevertheless, Russian officials are optimistic about the stabilization of the economy, as the ruble is returning to the level of around 51 rubles per U.S. dollar and inflation rate remains flat for a few weeks. Endi