Russian President Vladimir Putin blamed "external factors" for the country's ongoing economic problems on Thursday, but failed to reassure investors hoping for quick answers, sparking another bumpy day for the ruble.
Putin sought to reassure the country that it would overcome its present difficulties and return to economic growth by 2017 by the latest, as the global economy needs more of its oil.
However, he failed to reassure currency traders about the ruble's fate - the Russian currency's value sank by around 6 percent against the U.S. dollar as he spoke, before paring losses. This happened as the price of oil, as measured in Brent crude futures, rose by 2.3 percent over the course of the day - which would usually cause the ruble to strengthen.
Later Thursday, the Russian finance ministry announced that the government stood ready to to give systemically important banks total of up to 1 trillion rubles ($16 billion) in state support.