MADRID (MarketWatch) — What’s it going to take to get the Russian oligarchs to stop weeping and their countrymen to quit hoarding iPhones? Maybe a buck-up speech from none other than president–cum–action hero Vladimir Putin.

The Russian leader’s annual address to the nation, set for this Thursday at noon Moscow time (4 a.m. in New York), comes as the ruble has fallen dramatically against the dollar this year and with the central bank all but penciling in a recession in a desperate battle to save the currency.

“The ruble crisis has now moved beyond economics, or oil,” said Moscow-based Chris Weafer, senior partner at Macro-Advisory Ltd. “Confidence clearly needs to be repaired before we may talk about a more stable situation.”

While photos of long lines to purchase goods in Russia have appeared on Twitter, there are no signs of panic so far, according to Weafer.

Circulating on Wednesday was a preview of Putin’s speech (h/t to the Telegraph, which accurately dubbed it Hollywood-worthy). It’s clear he’s aiming to make an impression, and the ruble USDRUB, +0.54% appeared to stop cratering (at least a little) on Thursday, though talk that the central bank was selling reserves, rather than Putin anticipation, might have done the trick.

Here’s the video that’s been running on Russia 1 television station’s website, which — like virtually all of the country’s TV stations — is Kremlin-controlled:

The narrator’s line, “A year of tough decisions,” is interjected as Putin intones, “We took upon ourselves enormous responsibilities and risks.” Again, the narrator: “And long-awaited victories” — against a backdrop of Olympic winners. And then more tough talk about “politically motivated sanctions represent a mistake and they [the West] should not have broken a mechanism of checks and balances.” And a menacing note: “Our American friends are cutting off the branch they are sitting on.”

Scenes of Ukraine, flags flying, world leaders, terrorists, explosions, missiles firing out of the ocean, a polar bear. Hollywood really couldn’t do better.



Here’s another preview that excludes the strongman but still makes you feel you’re about to watch Schwarzenegger take someone to task.

Russians have long been conditioned for this type of spin, and the Putin approach, with its high-tech delivery and selection of imagery, can be said to represent only an evolution away from the propaganda of the Soviet regime.

Whether a few words from Putin — whose annual press conferences, it must be said, have been known to last hours — will restore the status of Russian stocks and the ruble remains to be seen. If not, Twitter has put forward a number of alternative suggestions for a country struggling to get its mojo back:

The horse-riding, tiger-taming, racecar-driving, man of the year, however, would most likely prefer to keep matters in his own hands.