06:00 11.01.2016(updated 06:47 11.01.2016) Get short URL

MOSCOW (Sputnik) — On Wednesday, Brent crude benchmark hit $34.93 a barrel, 1.5 percent down from the day before and the lowest since 2004.

"When oil prices are high, it is very difficult to resist using oil revenues for current expenses. Our non-oil deficit has increased to a very dangerous level, in my opinion. We are now forced to lower it, and this is healthy [for the economy]," Putin told Germany's Bild newspaper.

According to the president, the Russian economy will gradually become more stable.

"We believe that we will gradually move toward stabilization and economic growth."