Russia`s economy could return to positive growth by the end of the year, now that the initial shock of the financial crisis hitting the nation has eased, Igor Shuvalov, the first deputy prime minister, has said. He was speaking in Moscow to a small group of international journalists. Mr Shuvalov seemed remarkably calm for the man at the forefront of Russia`s response to the crisis. "Many specialists say that we`re already at the bottom, or close to the low point," he said. "We have the sense that towards the end of the year, positive growth is possible." His optimism is striking because Russia has been hit especially hard by the financial crisis. More than a million people have lost their jobs since December, although fears of widespread social unrest have yet to materialise. The prospect alarmed the authorities here. Earlier this year there were regular Kremlin meetings to discuss the crisis. Tycoon warning The stock markets ended 2008 some 70% below the record highs they had reached in May. Some of those losses, though, are now starting to be reversed. Despite the sense that things are getting better, Mr Shuvalov also had a warning for some of the country`s "oligarchs" - tycoons who have prospered in the post-Communist economy. He said that some Russian enterprises might have to offer their western creditors shares. He admitted this might not suit creditors. "They do not want to acquire assets, because it is extremely dangerous at the moment," he said. "No one needs assets at the moment, because they are worth nothing." Plummeting oil prices have battered Russia`s budget revenues - forcing the government to postpone some large-scale spending projects. There has been a sense among some observers, though, that the sudden fall is actually a blessing to Russia: a chance to break the country`s dependence on revenues from natural resources and diversify the economy. It is an argument which has divided the Russia government as it decides how to react to the crisis. Sense of reality Mr Shuvalov was cautious, but clearly felt that the present situation may indeed present an opportunity for reform. Russian markets have been highly volatile recently "Maybe such a lowering of revenues in the present time will actually stimulate our making a decision for quicker structural renewal," he suggested. Mr Shuvalov insisted the government has sufficient funds to meet social spending requirements - a big concern among the population at a time when many here are worried about losing their jobs. There is a new sense of reality in Russia after years of boom. The budget for this year has just been revised. It is now based on an oil price of $41 per barrel - less than half the figure which was foreseen last year.