Oh no...
HOW WILL THE RUBLE REACT?
Here are the rates at the start:
U.S. Dollar: 60.19
Euro: 74.54
Putin begins by talking about low unemployment and "record harvest."
Putin doing his best to provide positive economic outlook, but now shifting over the state of the currency.
A GIFT FROM LUKASHENKA JUST AS PUTIN STARTS SPEAKING
Lukanshena Orders Trade With Russia In Hard Currency Only
Belarusian President Alyaksandr Lukashenka has ordered his government to switch to U.S. dollars and euros in trading with Russia.
Lukashenka said at the Cabinet's session in Minsk on December 18 that "a task has been defined, which is to switch to dollars in trade with Russia, the way we pay for energy."
Lukashenka added that Belarus should have already demanded all payments from Russia in dollars and euros only.
Lukashenka’s statement comes amid a sharp decline in gthe exchange rate of the Russian ruble in recent weeks and less than two weeks before the Eurasian Economic Union, linking Russia, Belarus, and Kazakhstan, is scheduled to start functioning.
The ruble's fall has strained Russia's ties with its ex-Soviet neighbors.
Russia and Belarus have been at odds since late November, after Russia banned imports of meat and milk from Belarus, claiming it found traces of harmful substances. Minsk has also refused to follow Moscow's lead in introducing bans on food products from the European Union.
Based on reporting by BelTA and Interfax
Putin:
The economic situation has been provoked by foreign factors.
Putin: Our economy will overcome the currency situation
Putin says he will use 2008 model for economic recovery. Will focus on assistance to people who need it. Will for now keep pension levels, salaries of state employees. If the situation gets worse, some things will need to change.
He says in the worst case scenario, it will take 2 years for the economy to recover.
RUBLE FALLING...
So far, the markets don't like what they hear. Down to 61.16 to the U.S. dollar
Putin: It is unquestionable, imminent that the economy will become normal.