© Reuters / Maxim Shemetov
The most important task for Russia should be a change in the structure of its economy to ensure development for the country's future, said President Vladimir Putin at a meeting of the council of legislators in St. Petersburg.

According to Putin, that will help to quickly and effectively deal with all existing challenges.

"There can be only one effective response to all external constraints, which is less bureaucracy and creating conditions that are attractive for business development," said the Russian president.

Putin added that attracting investment is one of the major tools to resolve economic issues. It is also necessary to increase productivity, he said.