President Vladimir Putin has warned Russians of hard times ahead and urged self-reliance, in his annual state-of-the nation address to parliament.
Russia has been hit hard by falling oil prices and by Western sanctions imposed in response to its interventions in the crisis in neighbouring Ukraine.
The rouble, once a symbol of stability under Mr Putin, suffered its biggest one-day decline since 1998 on Monday.
The government has warned that Russia will fall into recession next year.
Speaking to both chambers in the Kremlin, Mr Putin also accused Western governments of seeking to raise a new "iron curtain" around Russia.
He expressed no regrets for annexing Ukraine's Crimea peninsula, saying the territory had a "sacred meaning" for Russia.
A Ukrainian soldier fires a cannon close to Donetsk airport this week
He insisted the "tragedy" in Ukraine's south-east had proved that Russian policy had been right but said Russia would respect its neighbour as a brotherly country.
Speaking in Basel in Switzerland later, US Secretary of State John Kerry said the West did not seek confrontation with Russia.
"No-one gains from this confrontation... It is not our design or desire that we see a Russia isolated through its own actions," Mr Kerry said.
Russia could rebuild trust, he said, by withdrawing support for separatists in eastern Ukraine.
Credit to BBC
He insisted the "tragedy" in Ukraine's south-east had proved that Russian policy had been right but said Russia would respect its neighbour as a brotherly country.
Speaking in Basel in Switzerland later, US Secretary of State John Kerry said the West did not seek confrontation with Russia.
"No-one gains from this confrontation... It is not our design or desire that we see a Russia isolated through its own actions," Mr Kerry said.
Russia could rebuild trust, he said, by withdrawing support for separatists in eastern Ukraine.
Credit to BBC
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