"We have half a trillion of dollars in reserves," Putin said in a speech at an investment conference.

"Their volume is sufficient to control the situation in foreign currency market."

As of Sept. 30, the reserves stood at $516.8 billion according to the central bank's latest data.

Putin also said that the government is aware that some of the countries' companies are near margin calls on their debt and pledged help.

"We are ready to provide support," Putin said. "But only to the effective ones."

He also said that investment is likely to rise to 25 percent of gross domestic product in next five years.

Copyright Reuters, 2011