Russian Military Coup Fears Emerge Amid Rouble Collapse; Putin Laughs Off Alleged Threat

Russian President Vladimir Putin has laughed in the face of an alleged threat that a military coup is brewing to challenge his leadership. Amid the threat of a looming recession and the collapse of Russia's rouble, Mr Putin remains confident that the country will recover from the current economic crisis.

The president has refused to back down on Russia's policy towards Ukraine and dismissed the theory of the Russian elite withdrawing their support. As the United States applies more pressure on Russia by imposing more sanctions, the world is waiting to see what Mr Putin's next move will be. The Western sanctions had hit Russia's economy hard. The uncertainty of Russia's economic future is aggravated further by declining oil prices.

Mr Putin acknowledged that Russia is facing a difficult time but he vowed the country will bounce back. He did not go into details as to how Russia will get back on its feet with falling oil prices.

He told reporters in the news conference that Russia does not have a palace so a "palace coup" would be unlikely to happen. Mr Putin said Russia only has the official Kremlin residence and declared it is "well-protected." He further doused fears of a plot of his ouster from leadership by stressing that majority of Russians support him. He believes the people of Russia feel that he is acting in the interests of the Russian majority.

According to Channel News Asia, emerging signs in the past weeks are reportedly indicating the growing discontent among some top officials in the Putin government due to the Russian president's standoff with the West and the impending rouble collapse.

Meanwhile, Russians continue to feel the strain of the weakening rouble as people have been scrambling to convert their savings and pensions into euros and dollar. CNBC reported Russians have resorted to stocking up on jewellery and furniture as the rouble declines in an accelerated pace.

Economy Minister Alexei Ulyukayev revealed in an interview with Russian daily Vedemosti that the Russian government had no coherent plan to deal with the economic crisis. He said Russia is in a "perfect storm."