President Putin said Russia isn't planning on controlling foreign currency flows, putting to rest rumors that the weakening ruble would force the Central Bank to limit the free movement of currency across its borders, reports GHN based on RT.
Shortly after Putin's speech, the ruble was trading at 39.584 against the dollar.
The Central Bank of Russia issued a similar statement on Tuesday after media sources reported the bank was considering capital controls as the ruble continues to hit new record lows.
Capital controls are a monetary tool used by governments to fight a weak currency and huge outflows of money. Russia expects its capital outflow to top $100 billion in 2014.
On Tuesday, the ruble slid to a new record low of 39.71 against the dollar, the lowest since 1998.
Russia abolished capital controls in 2006.