President Vladimir Putin has sought to ease fears over Russia's economy, insisting that the dramatic fall in the rouble will stabilise.
He is currently holding his annual end-of-year news conference.
Mr Putin blamed "outside factors" for the falling rouble, which hit an all-time low this week, but admitted the central bank could have acted sooner.
Russia is on the verge of recession due to falling oil prices and sanctions over its role in the Ukraine crisis.
'Growth inevitable'Mr Putin accepted Russia had failed to diversify its economy for the past two decades and relied too heavily on its oil and gas exports.
But he insisted the nation's currency reserves were sufficient to keep the economy stable, saying the central bank should not "burn" its $419bn reserves.
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"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 persisted, he said, the government would 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."
Mr Putin estimated that Western sanctions had accounted for roughly 25-30% of the rouble's troubles.
The BBC's Sarah Rainsford in Moscow says President Putin is trying to calm Russian fears about their future and calm the markets.
Although the rouble strengthened on Thursday morning, it has taken a battering in recent days.
On Tuesday, the central bank was forced to reassure banks and financial companies that it would provide additional capital if necessary.
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"Goods have clearly been flying off the shelves here," says Sarah Rainsford
The 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.
Continue reading the main storyOn 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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