Putin blames the West for Russia’s current crisis (LIVE BLOG)

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For context on Russia-Ukraine news

Check out our timeline, which includes reporting and analysis on the West's first round of sanctions against Russia that went into effect in March.

From GlobalPost senior correspondent Jason Overdorf's piece:

The European Union and United States have enacted visa bans and asset freezes against a number of Russian and Ukrainian officials after Crimea applied to join Russia on Monday.

Ukraine’s Black Sea peninsula on Sunday held a referendum in which local officials say almost 97 percent of voters supported seceding from Ukraine and joining Russia.

The US and EU say the referendum as well as Russia’s military invasion of Crimea are illegal.

US President Barack Obama imposed sanctions against 11 Russians and Ukrainians said to have played key roles in the referendum, including two leading aides to Russian President Vladimir Putin.

That came shortly after EU foreign ministers enacted similar measures against 21 Russians and Ukrainians whose names are expected to become public on Tuesday. 

Interesting read

Via GlobalPost Europe editor Gregory Feifer:

Obama signs Russia sanctions bill, says no new penalties planned

Reuters — President Barack Obama said on Thursday he had signed into law a new Russian sanctions bill passed by Congress but did not intend to impose further sanctions against Moscow for now.

"My administration will continue to work closely with allies and partners in Europe and internationally to respond to developments in Ukraine and will continue to review and calibrate our sanctions to respond to Russia's actions," Obama said in a statement.

"We remain prepared to roll back sanctions should Russia take the necessary steps."

Obama might sign Russia sanctions bill today

The New York Times chief White House correspondent Peter Baker just tweeted this:

There's no question that Russia's economy has been gashed as a result of Western sanctions. But some Russians are unruffled about their country's economic crisis, GlobalPost's Dan Peleschuk learned:

The ruble suffered its worse devaluation in 16 years on Tuesday, losing more than 10 percent of its value in a matter of hours and prompting a top Central Bank official to liken its precipitous slide to a nightmare.

But for 65-year-old Valentina Ivanova, it wasn’t the end of the world. “So long as there’s no nuclear war, the sun shines, and the water’s clean,” said the bundled pensioner as she waited outside a bank in the Tuesday evening drizzle, “we’ll survive.”

Whether because of patriotism or resilience, some Russians aren’t letting their currency’s dramatic collapse get them down quite yet.

Read on here.

France says EU could 'de-escalate' sanctions if Russia shifts on Ukraine

Agence France-Presse — The EU could de-escalate sanctions against Russia if Moscow delivers on commitments to end the crisis in Ukraine, French President Francois Hollande said Thursday.

"I consider that if today Russia sends the signals we expect, then there is no need for new sanctions," Hollande said as he arrived for an EU summit in Brussels.

"On the contrary, it would be for us to think about how we too could begin a de-escalation." He added: "As soon as Russia commits to a process that can be one of resolving the crisis in Ukraine, there is no reason for us to prolong the situation."

'Our economy will rebound from the current situation,' Putin says

GlobalPost's Dan Peleschuk writes:

Although the president’s approval ratings remain sky-high, the threat of a crashing currency, high inflation and diminishing savings may well stir discontent among ordinary Russians if those trends continue into next year.

That’s why he sought on Thursday to assuage any fears of a deeper crisis. He admitted the Central Bank should have acted more quickly. But he came up short on any meaningful answers, arguing only that Russia’s natural resources-based economy — which he conceded isn’t diversified enough — would adapt to lower oil prices.

“If the situation is very bad,” Putin said, “we will have to change our plans, cut some things.”

He said Russia’s currency reserves are large enough to keep the economy afloat, adding that the Central Bank shouldn’t "burn" through its stockpile of almost $420 billion.

But some critics doubt whether any concrete measures, such as a major Central Bank interest rate hike earlier this week — which failed to stop the ruble’s dramatic crash on Tuesday — could help put Russia’s economy back on track.

Read Peleschuk's piece here.

Here's how foreign companies are reacting to Russia's currency woes

Quartz has compiled a list of stories looking into how the ruble crash is impact foreign companies. Have a look at it here. 

Putin's major gaffe at the press conference

Mashable's Megan Specia has the story:

Russian President Vladimir Putin's marathon press conference on Thursday was not without a hiccup, after he implied that a stroke survivor was drunk. While fielding hours of questions from reporters, Putin interrupted a reporter who asked him about the regulations around a specific Russian alcoholic beverage. In response, he said while chuckling, "You've already had yours," implying that the reporter was a bit tipsy.

How is the ruble doing following Putin's speech?

…not so great.

CNBC's Catherine Boyle and Holly Ellyatt report:

Russian President Vladimir Putin blamed "external factors" for the country's ongoing economic problems on Thursday, but failed to reassure investors hoping for quick answers, sparking another bumpy day for the ruble.

EU's Mogherini urges Putin to make 'radical change' in attitude

Agence France-Presse — EU foreign policy chief Federica Mogherini on Thursday urged Russian President Vladimir Putin to make a "radical change" in attitude to end the crisis sparked by Moscow's intervention in Ukraine.

"The fact that Russia is in a difficult situation from a financial point of view is not good news, Mogherini told reporters, referring to the collapse of the Russian ruble, partly due to western sanctions.

"It is not good news for Russian citizens, but also it is not good news for Ukraine, and also it is not good for Europe, or for the rest of the world," she said.

In case you missed it…

Russian President Vladimir Putin gave a long press conference this morning.

We will have a spot from our Moscow correspondent Dan Peleschuk soon.

Meanwhile, enjoy these interesting tidbits from the speech:

EU bans investment in Crimea

Reuters — The European Union banned investment in Crimea on Thursday, halting European help for Russian Black Sea oil and gas exploration and outlawing European cruise ships from calling at Crimean ports.

The new measures, which EU governments have signed off on and will take effect on Saturday, reinforce the EU's policy of not recognizing Moscow's annexation of Ukraine's Crimea region in March.

EU leaders, who meet in Brussels later on Thursday, will pledge to keep up pressure on Russia over its role in Ukraine despite Russia's currency crisis and ailing economy, diplomats said.

Russia's Foreign Ministry said on Thursday new European Union sanctions banning investment in Crimea were "absolutely unacceptable" and amounted to discrimination against the Black Sea peninsula, which Moscow annexed from Kyiv in March.