Reuters Summit - Don't write off Russia from BRIC

"This should be achievable," he said. "Russia has shown its vulnerability. The factors are clear to us and if we have good post-crisis policies and restructure our economy, then Russia's positions will not change much in long-term forecasts," he said.

He said to avoid another crisis authorities needed to manage state spending carefully, encourage efficiency, reduce state presence in the real economy and increase its regulatory role.

Budget spending could be cut as much as 20 percent through increased efficiency, and only if Russia fails to do that in the next three years would it be forced to raise taxes.

The much feared second wave of the crisis would be more likely to come from abroad, not from the domestic banking sector, where bad loan portfolios are seen as one of the main risks.

"We expect that the main risks won't come from the Russia economy but from the global one, and in particular from the United States," he said. "If the U.S. financial sector's struck by a second wave of the crisis, it could also reach us."

Another big risk would be a sharp fall in energy prices, as Russia needs oil at $50 per barrel to make its budget balanced. But even if that happens, it would not be the end of Russia, he said.

"Russia had a more serious crisis in the 1990s than the global economy right now. During the 1990s, Russia lost 50 percent of its GDP -- something unimaginable for a big country or developed economy," he said.

"Now (we have lost) 10 percent. So for some countries - the United States or Great Britain - it probably happens for the first time since the Great Depression. In Russia we, in general, sailed well through the crisis... We were ready for it".