The Russian Central Bank has rule out joining the US and EU by introducing quantitative easing.

Russian Central Bank Chair Elvira Nabiullina, speaking at a Moscow conference, said any such attempt would not benefit Russia, and only increase inflation and heighten capital outflows.

According to CNBC, the country is set to hit four per cent negative GDP growth this year, with falling oil prices and international sanctions having disastrous effects on the Russian economy.

Emergency measures by the central bank failed to halt a collapse in the ruble, which ended last year as one of the world's worst performing currencies.

This year it has conducted several rate cuts and sold US dollar reserves.

Nabiullina said she expected inflation to decline quickly with rising consumer price growth.

"On the whole, we judge the situation in the banking sector as stable," she said to Reuters.

"The banking sector maintains a substantial capital buffer and the banking sector is able to counter serious shocks even if crisis phenomena deepen." 

The ruble has already begun a noticeable climb as oil prices recover.