The latest news from Russian President Vladimir Putin's end of year news conference. All times local.

12:10 p.m.

President Vladimir Putin says that Russia's economy is showing signs of stabilization despite plummeting oil prices.

Putin, speaking Thursday at a news conference televised live, said that despite a GDP drop caused by a drop in global oil prices, Russia's main commodity, the nation's industries have started to rebound.

He said the nation's currencyy reserves stand at $364 billion and a capital outflow has slowed.