Putin: Russia may not recover for two years

Vladimir Putin has said Russia could take as long as two years to recover from its burgeoning economic crisis.

Speaking at his annual press conference, the Russian president said "our economy will overcome the current situation. How long will it take? I believe about two years in the worst situation." Russia has been hit hard this year by economic sanctions - as a result of its intervention in Ukraine - and a plunging oil price. The twin factors have contributed to a 50% fall in the value of the ruble against the dollar this year, the drop having accelerated sharply in recent days. After a strong rebound yesterday, the ruble fell 3% to 62 against the dollar following Putin's speech this mornin...