Russian President Vladamir Putin blamed the falling ruble on “outside factors” in an end-of-year news conference Thursday. However, he admitted that Russia had failed to create a diverse economy.

Putin warned that the economic crisis facing Russia could last for two years.

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Russia has taken an economic hit due to falling oil prices and international sanctions over its annexation of Crimea.

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Maayana Miskin has lived in Israel since 2003 and is a student of political science. She lives in Haifa with her family.