Russian President Vladimir Putin said on Monday that "we" must switch to trading in national currencies in new conditions, reported Reuters. Western sanctions have led to a deterioration in the economy in the West, he continued. 

On the Russian economy, Putin said that retail demand has normalised, inflation is stabilising and unemployment remains low. Russia was right to manually regulate the market, he continued, adding that the rouble has stabilised and cash forex is flowing back into Russian banks. 

Meanwhile, CBR rate cuts will make lending in the economy cheaper, he noted, and the government's budget should support the economy and liquidity.