Embattled Putin arrives at G20 with navy in tow An embattled Vladimir Putin arrived at the G20 summit admitting that Moscow was preparing for a "catastrophic" slump in oil prices as he faced warnings of further western sanctions unless Russia pulls back from Ukraine. Mr Putin said on Friday that Russia's $400bn of reserves could help it ride out an oil slump, but his admission will strengthen the resolution of G20 leaders to confront him over Ukraine, creating a combustible atmosphere at the meeting in Brisbane. Tony Abbott, the Australian prime minister, set the harsh diplomatic tone on the eve of the summit when he accused Mr Putin of being a bully and trying to "recreate the lost glories of Tsarism and the Soviet Union." Russia would be so much more attractive if it was aspiring to be a superpower for peace, freedom and prosperity Tony Abbott Meanwhile, Mr Putin, who was greeted in Brisbane by protesters, has ordered a Russian military flotilla of four ships to sail to the Queensland coast, adding to the surreal Cold War atmosphere. Australian newspapers have illustrated images of the Russian flotilla with Soviet Union flags, while Mr Abbott has threatened to "shirtfront" the Russian president at the summit - local sporting slang for a confrontation. With EU foreign ministers meeting on Monday to discuss further sanctions, Mr Putin's display of naval muscle suggests he is in a defiant mood. But some western leaders see the display of bravado as an act to disguise his economic weakness. "We're considering all the scenarios, including the so-called catastrophic fall of prices for energy resources, which is entirely possible, and we admit it," Mr Putin told the state-run Tass news service before attending the G20 summit. Russia's economy is forecast by the central bank to have zero growth next year, as it struggles under sanctions, a falling rouble and the collapse in oil prices. Earlier Mr Abbott said the dispatch of the Russian flotilla was part of a pattern of "assertive" behaviour, including Moscow's "bullying" incursions into Ukraine and the dispatch of Russian warplanes into foreign airspace. "Russia would be so much more attractive if it was aspiring to be superpower for peace, freedom and prosperity," he said.