In 2013, Putin earned just over $71,000, and in 2012, he earned around $114,000.
The income's dollar equivalent was calculated taking into account the Russian ruble's current exchange rate. The ruble has lost some 40 percent of its value against the dollar since summer 2014.
Putin’s income will most likely drop in 2015 after he takes a 10 percent pay cut due to the economic situation in Russia. The salaries of those in his administration will be slashed by the same amount beginning May 1.
The Russian economy has been experiencing a slowdown, caused mainly by a rapid decrease in the price of oil, a commodity on which the Russian budget is heavily dependent. Western economic sanctions imposed on Moscow over the situation in Ukraine have also hit several key sectors of the economy.
In January, the Russian government unveiled an anti-crisis plan to stabilize the country's economy by 2017. The plan stipulates 10-percent spending cuts in most categories of the 2015 budget.
Last week, Russian Economic Development Minister Alexei Ulyukayev said Russia’s economic recession will come to an end in the third quarter of this year and the gross domestic product (GDP) will begin growing in the fourth quarter of the current year or beginning of 2016.
Russian Prime Minister Dmitry Medvedev doubled his income in 2014 to $158,000 in comparison with 2013, according to an income declaration posted on the Russian government’s website on Wednesday.
In 2013, Medvedev earned just over $83,000.
The incomes of four Russian ministers in 2014 exceeded $2 million each, according to information from tax declarations published by the government’s press service on Wednesday.
The leader of the pack was Russian Deputy Prime Minister Alexander Khloponin, raking in $5.5 million for 2014. Khloponin overtook the richest minister in 2013, Mikhail Abyzov, who this year earned just over $4.3 million, placing him in second place.
Closing the group of four richest ministers for 2014 are Deputy Prime Minister Yuri Trutnyev with $3.5 million and Industrial Trade Minister Denis Manturov with $2.2 million.