Putin annual address to the nation

Amid growing economic woes and heightening tensions with the West over the conflict in eastern Ukraine, Russian President Vladimir Putin is due to hold his annual address to the nation on Thursday in the Kremlin's St. George's Hall.

The yearly speech, scheduled for midday local time (0900 UTC), is to be held in front of both houses of parliament, governors, and dozens of dignitaries.

Dwindling economy

In what will be his eleventh annual speech, Putin is expected to address his country's declining economy, in light of Western sanctions over the Ukraine crisis and retaliatory Russian import bans.

The Russian economy has also been hit hard by failing oil prices this year, but the situation took a more dramatic turn for the worse on Monday as the Russian rouble plunged from 50 to 54 to the dollar - it's biggest one-day fall in 16 years.

A deadly shootout in the Chechen city of Grozny in the early hours of Thursday is also seen as a major affront to Putin, just hours before he delivers his speech.

ksb/tj (Reuters, dpa)