DEEDS NOT WORDS: Russia's President Vladimir Putin said Thursday that reforming the economy is his top priority. Business leaders welcomed the commitment, but noted that such pledges need to be backed up by action.

ONE-TRICK PONY: Putin admitted that the government has failed to diversify Russia's economy away from its reliance on crude oil, but pledged to tackle the issue.

DIVERSITY KEY: He said the government will draft budgets to avoid relying on taxes expected to come from oil companies' profits. He also appointed a presidential ombudsman vested with special powers to defend the rights of company owners and directors.