Vladimir Putin has promised that Russia will weather the rouble crisis, adding that he feels no responsibility for the currency’s fall.

During his annual press conference on Thursday, the Russian president appeared to rule out drastic measures such as introducing capital controls or reshuffling the government. But he offered little in the way of solutions, instead suggesting it was inevitable that oil prices would recover soon, and with them the Russian economy.

The rouble, which fell to a record low of nearly 80 to the dollar on Tuesday before recovering on Wednesday, stayed reasonably stable at between 60 and 63 during the speech, suggesting the markets were neither horrified nor encouraged by Putin’s words.

The rouble began the year at 34 to the dollar, and while Putin began the session talking about record harvest levels and positive economic figures, it was not long before he was forced to acknowledge what was on every Russian’s mind.

“Our economy will overcome the current situation. How much time will be needed for that? Under the most unfavourable circumstances I think it will take about two years,” he said.

Putin denied that his government’s domestic policies and actions in Ukraine have been in any way responsible for the currency collapse.

Unsurprisingly, he also used the conference to rail against the west. Had Russia not annexed Crimea earlier this year, Putin said, the west would have found another reason to target his country, which he compared to a bear.

“Sometimes I wonder, maybe the bear should just sit quietly, munch on berries and honey rather than chasing after piglets, maybe then, they would leave it alone? But no, they wouldn’t, because they will always try to chain it up. And as soon as they chain it up, they will pull out its teeth and claws.”

By teeth and claws, Putin said he meant Russia’s nuclear weapons. The west was circling round to destroy Russia, so it could steal its natural resources, he continued. “Once they’ve taken out his claws and his teeth, then the bear is no longer necessary. He’ll become a stuffed animal.”

Putin covered everything from parking tickets to farmers’ pensions in the three-hour session, but the two key themes were foreign policy and the economy. There was much less of the minor regional issues that have often dominated previous conferences.

Putin was asked whether he felt bad for talking about a “fifth column” in society last year and about a renewed crackdown against the political opposition. He was asked if he was able to distinguish between opposition to his rule and being a traitor.

“It’s very difficult to answer that. I’m being honest. Because the border between opposition and fifth column is very difficult to place,” he said.

Quoting the 19th-century poet Mikhail Lermontov, who he described as a patriot who had also been in opposition to the tsarist authorities, Putin said the key difference was whether people supported their country in their hearts or were serving the interests of another country. Russia’s opposition and human rights community have often been accused of serving the interests of the west.

Although Putin went on for more than three hours, he did not come close to beating his record, set last year, when he took questions for four hours and 40 minutes.

He began the session looking somewhat out of sorts and with a persistent cough, but soon got into his stride, and appeared to be enjoying himself, dodging the tougher questions and making jokes about the friendlier ones. At one point, a regional journalist told him her aunt’s friend had wanted to know whether he had time for much of a love life since his divorce. Putin smirked, said hello to the aunt’s friend, and said that “everything is fine” in that department.

There was a chance for Putin’s favoured dark humour as well: when it was suggested to him that some of his close circle had, in private, blamed him for Russia’s economic position, the president cracked a broad smile and said: “Give me their names!” He brushed off the possibility of a “palace coup” by saying the elite had no palaces, so would be safe.

Key quotes from Putin’s speech

On fairness in geopolitics: “We have heard it even from high-level officials that it is unfair that the whole of Siberia, with its immense resources, belongs to Russia in its entirety. Why exactly is it unfair? So it is fair to snatch Texas from Mexico, but it is unfair that we are working on our own land – no, we have to share.”

On a new Berlin wall: “Didn’t they tell us after the fall of the Berlin Wall that Nato would not expand eastwards? However, the expansion started immediately. There were two waves of expansion. Is that not a wall? True, it is a virtual wall, but it was coming up. What about the anti-missile defence system next to our borders? Is that not a wall?”

On the western response to the Sochi Olympics: “Let me remind you about the preparations for the 2014 Olympics, our inspiration and enthusiasm to organise a festive event, not only for Russian sports fans, but for sports fans all over the world. However, and this is an evident truth, unprecedented and clearly orchestrated attempts were made to discredit our efforts to organise and host the Olympics. This is an undeniable fact! Who needs to do so and for what reason?”

On his love life: “One of my friends in Europe, a big boss, asked me recently: “Listen, do you have love in your life?” I said: “What do you mean?” He said: “Do you love anyone?” I said: “Oh, yes.” He asked if anybody loved me back, and I said: “Yes.” He obviously thought I’d become an animal. He said: “Thank God” and raised a vodka to me. So everything is fine, don’t worry.”