Russia's leaders have been keen to absolve themselves of responsibility for the economic crisis, blaming the decline in oil and "external factors," as Putin called them, for the crisis. That Russia needs to change is already recognised by the country's government, however.
Russia's Finance Minister Anton Siluanov told CNBC last week that reforms were desperately needed in order for Russia to recover, recognizing himself that the country was in "dire straits" economically.
Read MoreRussia in 'dire straits' and needs reform: FinMin
"This situation is not the result of (economic) sanctions but the result of the stupid management during 20 past years," Sergeev told CNBC,
Economist Tikhomirov added that commodity-dependent Russian economy needed to change in order for it not to be held "hostage" to fluctuations in the oil price which has fallen by around 50 percent since June last year.
He added that reforms designed to move Russia away from its reliance on oil were also slow moving. "Reforms are spoken of but little is done…Today Russia has a developed financial sector, automotive sector and these are sectors that have seen progress but the economy is still largely commodity driven and this needs to change."
The depth of the crisis depended on two factors, Tikhomirov said: whether the oil price recovers and whether there was a peaceful solution to Ukraine conflict.
Russia has had sanctions imposed on its economy for almost a year by the west for its incursions into Ukraine, which have added to its economic downturn.
Global stock markets advanced Thursday on news of cease-fire deal between Russia and Ukraine following months of escalating violence between pro-Russian rebels and the Ukraine military.
Speaking on Russian TV, Putin said the agreement would mean the removal of heavy weapons and a full cease-fire from midnight on February 15. However, given that a previous cease-fire has failed, analysts questioned how long this deal would last.
Sergeev summed the attitude of him and his friends, telling CNBC: "We hope that everybody switches on their brains and this situation returns to one of partnership (between Ukraine and Russia)."
However, Ukraine's rebels disavowed a new truce on Sunday, Reuters reported, hours after it took effect, saying it did not apply to the town where most fighting has taken place in recent weeks.