Russian President Vladimir Putin praised the "stabilization" of the Russian economy Wednesday but said more can be done to promote growth. Russia's economy contracted by 3.7 percent last year on the back of Western sanctions and a slump in the price of its oil exports. Speaking to Russian and foreign business leaders in Moscow, Putin praised drops in inflation and capital outflows but said "the stabilization that has been achieved has not yet transformed into steady growth." Putin added that Russia still needs to increase labor productivity and limit government spending. The deal, worth over $5 billion, was defended Wednesday by Putin, who said that because Rosneft has minority foreign investors, it was not simply a transfer of assets from one part of the state to another.

Source: ABC News October 12, 2016 14:27 UTC