President Vladimir Putin has insisted Russia's under-fire currency, the rouble, will stabilise, but warned the economic crisis could last two years.
He is currently holding his annual end-of-year news conference.
Mr Putin blamed "outside factors" for the falling rouble but admitted the central bank could have acted sooner.
He also accepted Russia had failed to diversify its economy, which has been hit by falling oil prices and sanctions over the Ukraine crisis.
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''Goods have clearly been flying off the shelves here,'' reports Sarah Rainsford
Mr Putin insisted the nation's currency reserves were sufficient to keep the economy stable, saying the central bank should not "burn" its $419bn reserves.
"I don't believe you can call it a crisis - you can call it what you like," he told a packed conference hall.
If the economic problems persist, he said, the government will have to "reduce social spending and future growth".
But he added: "Our economy will get out of this crisis. How long? Maybe two years, but after that, growth is inevitable."
SanctionsThe BBC's Steven Rosenberg in Moscow says Russians will be paying close attention to what their president has to say about the economy.
Although the rouble strengthened on Thursday morning, it has taken a battering in recent days and Russia remains on the verge of recession, our correspondent adds.
The currency hit an all-time low on Tuesday, prompting Russia's central bank to reassure banks and financial companies that it would provide additional capital if necessary.
Continue reading the main storyThe rouble's collapse came after a drastic 6.5 percentage point rise in Russian interest rates to 17%.
Earlier this week, there were reports of Russians flocking to the shops to spend their cash before prices shoot back up. Many were said to be buying cars and home appliances.
Ukraine talksRussia has been hit by Western sanctions, put in place after President Putin annexed Crimea from Ukraine in March.
On Ukraine, President Putin said he was hopeful the conflict could be solved through peace talks.
He urged the Ukrainian government and pro-Russian rebels in the east of the country to conduct a quick "all for all" prisoner swap before Christmas.
Ukraine and the West accuse Mr Putin of sending Russian troops to fight with the rebels, but the Kremlin denies the allegations.
US President Barack Obama is expected to sign legislation this week authorising new economic sanctions on Russia.
Later on Thursday, European leaders are also expected to approve further sanctions against Russia, with a ban on investment in Crimea and oil and gas exploration in the Black Sea likely targets.
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