Russia must work on returning to growth

Russia’s government should work on returning the oil-dependent economy to growth despite a prolonged period of low crude prices, President Vladimir Putin said.

Speaking to government officials, Putin praised their work over the past year and said they showed an ability to address financial and economic crises in an efficient manner, The Wall Street Journal reported on Thursday.

This year, Russia’s economy slipped into recession for the first time since 2009, hit by a rapid drop in oil prices and Western sanctions. Putin said that the country should be ready for an extended period of low prices for Russian exports, as well as external restrictions.