Klitschko, who is leader of the leader of the Ukrainian Democratic Alliance for Reform and a Member of the Ukrainian Parliament, said he hoped that recent political events in Ukraine set an example for Russia, and disputed Putin's description of the new Ukrainian government as "illegitimate."
"If Ukraine [is] very successful in [a] democratic movement, it's a good example for Russia. Without Ukraine, Russia can never be an empire, and that's why I think Russia tried to stop the presidential elections," he said.
The Ukrainian politician, who has had a successful boxing career for 16 years, said his vision for Ukraine had been nurtured by his time spent in western countries.
"I spent a lot of time in Europe. I spent a lot of time in United States, I know what is modern standards of life… and always if I return to my home country, I ask my country why very simple things what works everywhere else in the world doesn't work in Ukraine?" he said.
Klitschko said, if elected, he would aim to tackle Ukraine's prolific corruption problem by changing the situation from the inside.
(Read more: Markets may have made Putin blink)
"Ukraine is famous as [the] most corrupt country in the European Union, and politics in Ukraine is business… Just one way to change situation, [is to] go into politics and try to change from inside," he said.
"I know it's a very difficult task…but Poland is doing it. Poland [has had] success, [along with the] Czech [Republic], Slovak Republic, Hungary, Georgia was also very successful, and we Ukraine have much more potential," he added.
Klitschko acknowledged that Ukraine would have to endure tough reforms and austerity in order to get up to the standards of other European countries.
"It's very important to explain it will be better for the country...I am more than sure Ukraine will accept that... [and] can wait... but they can't live with this current situation," he added.
He was confident he would have the support of Europe, despite Germany's recent more diplomatic approach to Russian aggression, given that sanctions on Russia would not be in their best interest.
(Read More: Ukraine worries? Thiseconomy is at risk too)
"Everybody wants to see Ukraine – one of the largest countries in Europe – stable with a stable economic situation, because instability in Ukraine can bring instability in the whole region," he said.
Ukraine now has a temporary president, Olexander Turchynov, while Arseniy Yatsenyuk was confirmed as the interim prime minister.
This article has been updated to reflect that Klitschko agreed with a question over whether Vladimir Putin was scared about events in Ukraine but went on to add that the Russian president was worried.
— By CNBC's Katie Holliday: Follow her on Twitter @hollidaykatie