Economic restructuring inevitable: Putin

Russia's current difficult economic situation is first of all caused by external factors, but also reflects the Russian economy's insufficient diversification, President Vladimir Putin said Thursday.

"Today's situation has been provoked primarily by external factors. But we presume that we have failed to do a lot of what we planned to do, namely to diversify our economy," Putin said at the start of an annual press conference in Moscow.

He also said that it would take two years for Russian economy to get back to normal tracks under the most unfavorable scenario.

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