"This situation could continue for quite a long time," Vladimir Putin said. "The scale [of the crisis] is too big."
However, he assured top members of the ruling United Russia party that the government would manage to cope with the consequences of the crisis.
"The situation is not simple, and this will be a tough year, but no catastrophe will occur. We have the ability to keep the situation under control, and we will do so" the premier said.
Putin also said that the quality of work by the authorities was of the upmost importance during the crisis.
"When there are plenty of resources and money, it is a nice business to be able to distribute that money. But working during a crisis is more serious, and calls for taking on a big responsibility to the country, to our citizens," he added.