He said by fangs and claws he meant Russia's nuclear weapons, adding that the West wants to weaken Russia to win control over its rich natural resources. His remarks on the economy held the most interest, given that the price of oil and the Russian ruble plummeted in tandem this week, with the ruble testing historic lows of 80 to the dollar before rallying to closer to 60, though still down about 40 percent on the year. “Not having a working, realistic, credible model for economic development, not just muddling through, will become critical.” 
 
 Mr. Putin acknowledged that many Russians blamed Elvira Nabiullina, the governor of the central bank, for the crisis, but he defended the record of the bank. Putin said the nation's currency reserves are sufficient to keep the economy in stable condition, adding that the Central Bank shouldn't aimlessly "burn" its $419 billion in reserves. He said that global demand for oil would recover next year or in two years, and that this would solve the problem. The popular discount Swedish furniture chain Ikea has been mobbed for the last week. Mr. Putin accused the West of trying to build a virtual wall around Russia by moving NATO forces closer to its border, and noted that the $50 billion that Russia plans to spend on its military next year is much less than the Pentagon’s budget. How much time will be needed for that? “The only thing we have done is to protect our interests in a tougher way,” he said. He also took a swipe at U.S. justice in response to a question about the killing by pro-government forces of suspected terrorists in Chechnya. “After 9/11 in the USA they legalized torture.” 
 
 Putin looked mostly relaxed during the session, sipping occasionally from a coffee cup embossed with the Kremlin logo and cracking jokes. Putin denied Russia was embarking on a new Cold War. Mr. Putin estimated that 25 to 30 percent of the economic distress was rooted in the sanctions over Ukraine, but conceded that Russia had not done enough to diversify an economy in which energy resources constitute 60 percent of the country’s exports. Putin struck a defiant note against America and the European Union, saying that sanctions slapped against Russia after it seized the Black Sea region of Crimea in March were part of a historical campaign to weaken Russia. Mr. Putin stressed that Russia wanted to solve the crisis in Ukraine, and said he thought that President Petro O. Poroshenko of Ukraine did, too, but that some nationalists there did not. Putin toned down his accusations against his foes, who he has branded as agents for the West bent on undermining Russia. The last-minute release echoes a similar move last year, when Putin announced after his annual press conference that another tycoon, Mikhail Khodorkovsky, would be set free. The president answered by saying that recently a European dignitary had asked him whether he had any love in his life. “To chop Texas from Mexico is fair, but when we make decision about our territories it is unfair,” he said.
– Vladimir Putin today gave his annual televised news conference, with his words described as defiant and patriotic. The New York Times calls his message an "acidic" one, noting he gave no indication of backing down—on Ukraine, or in terms of his anger toward the West. As for the economic doom the country is staring down, Putin framed it as temporary, predicting it would end within two years as oil demand and the world economy strengthen; he also assigned 25% of the blame for the ruble's woes to the West's sanctions. Neil MacFarquhar, the Times' Moscow bureau chief, was one of a number of the 1,200 journalists who live-tweeted the three-hour, 10-minute event. He captured this tidbit, among others: " # Putin says he also does not know how much he earns. It arrives (in an envelope?) and he just forwards it to his accountant." More substantial highlights from the event, which featured journalists who waved toy animals in hopes of being selected to ask a question (a bit of color, per the Guardian: A journo brandishing a "green fluffy crocodile" got to ask about Moscow parking fines): One portion of the event getting plenty of press is an elongated metaphor about a bear—real and stuffed. Putin's comments, per the AP and NBC News: "Maybe our bear should sit quietly, not chasing any piglets around, but just eating honey and berries. Maybe they should just leave him alone? They will not. They are trying to put it on a chain. And as soon as they do it they will tear his teeth and claws out." [The teeth and claws are a reference to Russia's nuclear weapons.] "Once they've taken out his claws and his fangs, then the bear is no longer necessary. He'll become a stuffed animal." On Russia's interests, per NBC News: "To chop Texas from Mexico is fair, but when we make decision about our territories it is unfair." "It might be [true], it might be." That's Putin's take on whether the US and Saudi Arabia are secretly conspiring to suppress oil prices to hurt Russia and Iran. Shaun Walker's (of the Guardian) take: "It was pitched middle-of-the-road in all senses, there was lots of rhetoric but no major new policies announced, some conciliatory words about Ukraine but nothing concrete, and the most difficult questions were ducked or avoided. ... His words are unlikely to terrify the market, but probably won’t massively reassure it either."