"We need the economic levers to fully enact Russia’s own economic capabilities," Putin said. "We have absolutely everything for this."

"You and I know perfectly well the situation in our economy is fairly complicated but not critical," he said at a conference on the draft budget for 2016.

NOVO-OGARYOVO, near Moscow, September 22. /TASS/. The current situation in the Russian economy is knotty but not critical, Russian President Vladimir Putin said Tuesday.

"It’s important to lay down new research groundworks and professional competences, to assimilate up-to-date systems of professional standards, and to improve the quality of human resources, particularly in the engineering sphere," he said. "Appropriate funds should be allocated from the federal budget."

Putin asked the government to prepare a package of measures in order to overcome recession in the economy.

"It is particularly important in current conditions to provide a package of measures in order to overcome recession in the economy and to maintain the role of the federal budget as one of the leading development tools," the head of state said at the meeting.

Budget-funded projects should stimulate economic growth and private investments, the president said.

"This primarily refers to import substitution programs in industry and agriculture. I ask the government to provide smooth financing in these areas and exercise special control over efficiency of such expenses," Putin added.