Putin made an impassioned defence of his military actions in Ukraine, saying his tactics were "completely justified" and that he had no other choice but to send troops into the country.
Speaking at a televised government meeting, the Kremlin chief called on Russians to "mobilise" in order to overcome difficulties related to the massive sanctions imposed on the country.
"Yes, it is not easy for us now," Putin acknowledged.
"But this economic blitzkrieg against Russia has failed."
He announced an "increase of all social payments in the near future" and said the Russian economy had "all the necessary resources to solve long-term tasks".
"The current situation is, of course, a test," the longtime leader said.
"I am sure that we will pass it with dignity and hard work. We will overcome these difficulties," he said.
He also sought to reassure Russian private companies, saying they played a "key role in overcoming the current issues".
Putin promised "maximum entrepreneurial freedom", ordering his government to "remove administrative barriers" in an economy largely dominated by the state.
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