Russian President Vladimir Putin told Cabinet ministers on Thursday during a televised government session that they cannot take their normal 12-day holiday vacation this year due to the economic crisis.

"The Government and its various structures cannot afford such extensive holidays, at least not this year - you know what I am talking about," Putin said when referring to Russia's struggling economy, according to The Associated Press.

"We have been making efforts to change the structure of our economy, to refine it and make it more innovative ... quite a lot has been done in this direction," he added. "However, recent events show that this is not enough."

The biggest holiday in Russia is New Years, and the country also celebrates Christmas on Jan. 7, the traditional date in the Eastern Orthodox Church, therefore, Russian company employees throughout the country are normally given an extended holiday from Jan 1. to Jan. 12.

While Putin previously said the West was partially responsible for the country's economic woes, the president also stressed during his speech that Russia itself bears great responsibility, CNN reported. 

"The difficulties we have come across are not only of an external type. They are not only due to some sanctions or limitations cause by the global market situation - they are also the result of our own shortcomings that have piled up over the years," he said. 

Economic sanctions imposed by the West have locked many Russian companies out of the Western capital markets, and in doing so, have contributed to the fall of the ruble, which was trading 2 percent higher on Thursday at 52 rubles per dollar, up from 80 rubles at the beginning of the month, according to The AP.

The country's currency reserve fell below $400 billion for the first time since August 2009, the Russian Central Bank said on Thursday.