Putin says no 'magic wand' to replace rich revenues from energy

The era of high revenues from energy exports is over and Russia has no "magic wand" to replace those inflows, President Vladimir Putin said on Friday.

Putin told an economic forum in St Petersburg that Russia would continue to try to curb inflation regardless of personnel changes and will invest 450 billion roubles ($13.6 billion) from its Welfare Fund to develop infrastructure. (Reuters)