While lashing out against the West, Russian President Vladimir Putin promised on Thursday during a three- hour speech to fix and diversify Russia's economy within two years but said he feels no responsibility for the fall of the ruble, reported The New York Times.
Putin placed much of the blame for the country's economic problems on "external factors," and vowed that Russia will "overcome the current situation."
"Our economy will overcome the current situation. How much time will be needed for that? Under the most unfavorable circumstances, I think it will take about two years," he said.
Western economic sanctions are only responsible for 25 to 30 percent of the ruble's troubles, Putin acknowledged, a main reason for the currency's fall being that Russia has failed to move away from its dependence on oil and gas exports, according to FOX News.
Russian currency traded between 60 and 62 rubles to the dollar following Putin's speech, which is close to the same level as on Wednesday. The currency has lost nearly half of its value since January, according to The Times.
Neither Russia's actions in Ukraine nor its domestic policies have been in any way responsible for the currency collapse, Putin said. Even if Russia didn't annex Crimea, the West would have targeted the country another way, as the Ukrainian crisis is merely a pretext for Western action, he said.
"Sometimes I think, maybe it would be better for our bear to sit quiet, rather than chasing around the forest after piglets. To sit eating berries and honey instead. Maybe they will leave it in peace," Putin said speaking metaphorically, referring to the West and recent sanctions. "They will not. Because 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."
Fangs and claws was a metaphor for Russian nuclear weapons protecting its natural resources, Putin said.
"Once they've taken out his claws and his fangs, then the bear is no longer necessary. He'll become a stuffed animal," he said. "The issues is not Crimea. The issue is that we are protecting our sovereignty and our right to exist."
He went on to explain how the West is attempting to destroy Russia so it can take Siberia's natural resources.
Putin called for a political solution to Ukraine, and suggested a prisoner swap take place before Christmas.
Regarding Russia's unusually active military operations around the world, including increased flights in the Baltics that NATO claims are putting civilian lives at risk, they are a necessary response to Western action, he said.
"We aren't on the offense," Putin maintained. "We aren't attacking anyone we are only defending out interests."
An Associated Press-NORC Center for Public Affairs Research poll released on Thursday showed Putin's approval rating at 81 percent, nearly double President Barack Obama's rating of 45 percent, reported CNBC.
