"Hysteria" on Russian markets will subside because of Central Bank interventions to support the rouble, but Russia faces a period of strained ties with the European Union and the United States which will weigh on the economy, a senior official said.
"The wave of hysteria will pass, but it is difficult to say when," Deputy Economy Minister Andrei Klepach told Reuters.
"What lies ahead of us is a period of more confrontation and difficulties. For us, that will mean more complicated relations with the European Union, the States, with all the resulting consequences."
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The president said they will come into force if China refuses to change its practices.