President Vladimir Putin blamed "external factors" such as oil prices and sanctions for Russia's financial crisis on Dec. 18, but admitted he should have done more to diversify the economy. Speaking to journalists at his annual news conference, Putin said it could take Russia two years to overcome the tough economic situation facing the country.
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An eldery man walks past televisions at a shop in Moscow on Dec. 18, 2014, during the Russian President Vladimir Putin's annual press conference.
