President Vladimir Putin has praised Russia’s economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports.

Russia's economy must under no circumstances slide into recession, President Vladimir Putin told an economic forum on Friday, in a clear instruction to assembled government ministers and central bankers.

Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum, the annual event in Russia's second largest city designed to highlight the country's economic prowess and court foreign investors.