Putin: Economic Woes Price of Russian Sovereignty

President Vladimir Putin is blasting the West for Russia's economic downfall, saying it's trying to subdue and disarm the nation.

During his annual press conference Thursday, the Russian leader acknowledged the negative impact of Western sanctions over Russia's role in Ukraine - mainly the drop in oil prices.

"If the situation develops unfavorably, we will have to amend our plans. Beyond doubt, we will have to cut some (spending). But a positive turn and emergence from the current situation are inevitable," Putin said.

"The growth of the global economy will continue and our economy will rebound from the current situation," he added.

According to Putin, his nation's economic troubles are merely the price of Russian sovereignty.

"We are protecting our independence, our sovereignty and our right to exist," he said.

Russia's president is also urging a political solution for the crisis in Ukraine, suggesting a quick "all for all" prisoners swap before Christmas and asking Ukraine to grant amnesty to the rebels.