Russia's economy is seen shrinking another 1 percent this year, but the head of the $10 billion Russian Direct Investment Fund (RDIF) told CNBC the situation was under control.
Kirill Dmitriev, the CEO of RDIF since 2011, said that while Russia was in "crisis," due to the slump in oil prices and the international sanctions on the country, he remained optimistic and saw the situation as an opportunity to restructure.
"It could have been much worse (the forecast decline); we believe it is sort of okay," Dmitriev told CNBC.
He attributed around 80 percent of the economic decline to falling oil prices and 20 percent to sanctions.
"Russia is dealing with this crisis; it is an opportunity for restructuring; it is an opportunity to reduce state involvement because of privatizations, so it is a situation that is controllable," the Ukrainian-born businessman told CNBC from the World Economic Forum in Davos, Switzerland on Tuesday.
The Russian economy shrunk by a steep 3.7 percent last year, in part due to continued low oil prices and the hit from Western sanctions. On Tuesday, the International Monetary Fund (IMF) cut its outlook for the Russian economy for 2016, forecasting contraction of 1 percent.