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Putin Upbeat On Struggling Economy

Russian President Vladimir Putin has given an upbeat assessment of his country's struggling economy.

The Russian economy has been hurt by Western sanctions over the Ukraine conflict and a fall in global oil prices.

Putin said on June 19 that Russia was dealing with its "difficulties" and that the country had averted a "deep crisis."

Addressing an economic forum in the city of St. Petersburg, Putin said that Russia's financial system and banking sector had adapted to the new conditions and that inflation was under control.

Putin thanked foreign investors who had remained in Russia despite the Western sanctions and expressed confidence Moscow's cooperation with the West would continue.

Putin claimed Moscow was responding to Western sanctions by making Russia more "open" to business.

Based on reporting by Reuters and TASS

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