"We need to be prepared for the situation when the period of low oil prices, and possibly external restrictions may be delayed," Putin said.
He urged the government "to achieve results on the existing base", adding that the "current difficulties should give an impetus to improving the efficiency of the economy and social sphere."
On Monday, the European Union prolonged its economic sanctions against Russia for another six months until July 31, 2016.
Crimea and the turmoil in Ukraine, which escalated in 2014, caused a deterioration in relations between Moscow and Brussels, as well as Washington.
The same year, the European Union and the United States introduced several rounds of anti-Russian sanctions, accusing Moscow of interfering in the Ukrainian crisis, a claim Moscow has firmly denied.