BEIJING (QHA) -

President Vladimir Putin says the Kremlin will restrict the movement of money or take other "emergency measures" to stem the slide of the ruble.

Speaking to businesspeople ahead of the APEC summit in Beijing, President Vladimir Putin said Russia is taking "necessary steps" in response to the "serious fluctuation" of the ruble.

The ruble has lost 40 percent of its value this year due to concern over the Ukraine crisis, related Western sanctions, and falling prices for oil and gas whose export is crucial to the economy.

Putin said that Russia's "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."

"We are not planning to impose any restrictions at all on capital flows."

QHA