Russia must create an economy open for international investors, President Vladimir Putin said at a media forum in Saint Petersburg.
Putin added that the Russian economy has adapted to new conditions at a fundamental level and its stability will not be destroyed.
"It is completely obvious to specialists that the main peak of difficulties has been passed," Putin said.
Putin added that the fall in oil prices led Russia to lose around $160 billion of revenues in foreign currency. Russian companies were able to pay off $130 billion of external debts last year and paid off most of their current $60 billion debt, the Russian president said.
"I would not even call it a crisis, there are certain events, certain difficulties," Putin added.
Putin also said that Russia seeks to attract foreign investors as part of its economic strategy.
The Kremlin said on Tuesday that the government will discuss investment projects for import substitution on Wednesday.