Putin says Moscow has no need for capital controls or 'emergency step' to defend falling ruble

Russian President Vladimir Putin delivers a speech for the APEC CEO Summit, "What does the Asia Pacific mean to Russia" as part of the Asia-Pacific Economic Cooperation (APEC) Summit at the China National Convention Center in Beijing, Monday, Nov. 10, 2014. (AP Photo/Andy Wong) (The Associated Press)

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Russian President Vladimir Putin speaks at the APEC CEO Summit at the China National Convention Center in Beijing, Monday, Nov. 10, 2014. (AP Photo/Andy Wong) (The Associated Press)

BEIJING – Russian President Vladimir Putin says Moscow has no plans to impose capital controls or other "emergency steps" in response to the plunge in the value of the ruble.

Speaking before an audience of businesspeople before a summit of Asia-Pacific leaders, Putin said Monday that Russia is taking "necessary steps" in response to the "serious fluctuation" of the ruble.

The ruble has plunged by 40 percent in value this year due to concern over the Ukraine crisis and falling prices for oil and gas.

"Our fundamentals in terms of currency reserves and balance of payments remain at good levels. That allows us to control the situation without taking any extraordinary emergency steps," Putin said. "We are not planning to impose any restrictions at all on capital flows."