President Vladimir Putin insisted on Wednesday that Russia will weather the economic storm triggered by its oil standoff with Saudi Arabia and come out "stronger."

"I am sure that Russia will get through this turbulent period with dignity, calmly," Putin said during a meeting with investors.

"There are all the chances for Russia's key industrial sectors to come out of this situation much stronger and ready for very serious competition," Putin added.

"This will effect the Russian economy in a positive way," he said.

Moscow last week failed to agree on oil production cuts within OPEC+, its alliance with the Saudi-led Organization of Petroleum Exporting Countries.