Russian President Vladimir Putin said the nation must "find new resources" to avoid an economic slump in the country as well as flat economic growth. During a meeting with an economic council in Moscow late Wednesday, Putin warned that unless "new economic resources" are found, economic growth in the country will stay near zero percent.

"In order to sustain macroeconomic stability, it is crucial to implement structural reforms in the economy," Putin said, urging necessary steps to reform rural economics. An Economic Development Report, leaked earlier to Russian media, said even if oil prices rose to as much as $50 per barrel, it still would not be possible for Russia's economy to reach the 5 percent to 7 percent annual economic growth needed.

According to a report by Moscow's Higher School of Economics published Tuesday, the average monthly salary in Russia in 2015 fell to $558, a 34 percent fall compared to 2014. The sharp fall put Russia on par with Kazakhstan, where the average salary in 2015 was $549, the report added. The sharp loss in the value of the Russian ruble against the dollar was further exacerbated by the sanctions placed on the country following Crimea's annexation and the crisis in Ukraine, pushing annual inflation in 2015 up to 12.9 percent, leading to a 9.5 percent fall in real wages.