"We should thank Saudi Arabia, which allowed the price of a barrel of oil to fall to the point that it significantly affected the Russian president, Vladimir Putin, [and] the [Russian] economy," McCain said.

"It has nothing to do with the actions of the U.S. president," he added.

He said he thought the sanctions that have been imposed by the United States as a part of U.S. President Barack Obama's strategy in the confrontation with Russia have been ineffective.

Earlier President Obama denied claims that President Putin is "a good chess player, and has beat the West and Obama," saying that it was Putin who was responsible for the economic crisis in Russia.