"The European Union is our major trade and economic partner, and as the EU expands we will overcome difficulties in our economic relations, our turnover will increase," Putin said.
Fifty percent of Russian exports now go to Europe, compared with 8 percent to the United States.
European imports have also risen sharply.
Asked by a journalist what currency he preferred, the dollar or the euro, Putin quipped: "The ruble."
He noted that when he became president three years ago, Russia's gold and foreign currency reserves stood at $11 billion, and that now they are at "more than $61 billion and rising."
The Central Bank "has decided to keep some of the gold and currency reserves in euros," he said.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.