President Vladimir Putin vowed to punish, with "harsh" measures, speculators attacking the ruble in a defiant speech that reached into Russian history to defend his annexation of Crimea and compared his international opponents with Adolf Hitler.

"The authorities know who these speculators are and the instruments we can use to influence them," Putin said today in his annual address to parliament regarding efforts to defend the country's currency, which is trading near a record low. "The time has come to use these instruments."

Putin, who did not comment on the tailspin in oil prices in his 70-minute speech, also announced plans for an amnesty for those returning capital to Russia. The president said he'll eliminate unnecessary bureaucracy as he works to reassure a nation threatened by a spiraling economic crisis.