Here's a summary of Putin's q and a:
-- Putin said the Central Bank is taking "adequate" steps to deflect the oncoming recession and ruble crisis. He estimated it would take no more than two years for the economy to recover.
-- Putin had strong words for the West, accusing it of building a "virtual" Berlin Wall by expanding NATO close to Russia's borders.
-- On Ukraine, he said that he had confidence Ukrainian President Petro Poroshenko wants peace, but that unnamed other actors want to continue fighting until they achieve victory.
-- Responding to a question from the "Financial Times" on the release from house arrest of Vladimir Yevtushenkov, Putin said that the Russian billionaire would be involved in a New Year's meeting with other businessmen. This apparently sent shares for his Sistema company up 70 percent.
-- Responding to a question from Ksenia Sobchak, Putin said any actions taken against the militants responsible for attacks in Chechnya, must take place under the law. He said he would investigate the destruction of houses the militants' family members.
Press conference is over in just 3 hours 10 minutes.
Putin last words on economy:
We are going through trying times due to objective and subjective circumstances. Maybe we could have taken the relevant decisions more expeditiously. Still, I believe the strategy the Central Bank is pursuing now is adequate. I am sure the economy will adapt to new conditions.