GE CEO Immelt: We'd like Russia to be in better shape, I like Russia long-term

General Electric would like Russia to be in better shape now but also likes it for the long term, Chief Executive Jeff Immelt said on Wednesday.

Immelt, in a "Squawk on the Street" interview, said Russia represents about 1 percent of GE's business.

But Immelt also acknowledged that countries like Venezuela and Libya were going to struggle with their costs as the price of oil falls.

"I personally think some of these countries are going to have a tough time," he said.