Vladimir Putin says Russia's Olympic team has time to recover and prepare for the next Winter Games, which will be held in the country's resort city of Sochi.

Russia is currently eleventh in the medals ranking and has endured a series of blows when it comes to collecting gold medals.

The Olympic squad has failed to shine in sports which Russia has dominated for decades, such as figure skating, cross-country skiing and ice hockey.

With the Games about to close, Prime Minister Putin says the team should now polish up its performance for when the Olympics reach Russia.

“Of course we expected more from our team, but this is still no reason to lose heart, wear sackcloth and ashes and self-flagellate,” Vladimir Putin said. “Of course it's a call for some serious critical analysis and some conclusions. However, this critical analysis should be aimed at fixing the situation and creating all the necessary conditions for our team to train and to perform properly at the 2014 Olympic Games in Sochi.”