"Sanctions do not have such a bad impact. The impact comes from the recklessness of Putin’s regime, the corruption, extortion, and the inability to borrow money. An idiotic economic policy is currently in place in Russia. These factors have far greater impact than sanctions," Chichvarkin said.

Chichvarkin noted that the economic situation in Ukraine was also very difficult. According to him, the country is in a "state of pre-default."

Change is possible through the introduction of "simple, intuitively executable legislation, minimum and not maximum-level taxes, as well as elimination of corruption," the businessman said.