( CNN ) -- Russian billionaire Oleg Deripaska has dismissed the markets rout that followed the Federal Reserve 's suggestion it would wind back its stimulus program later this year as `` very emotional . '' Deripaska , speaking to CNN at the St Petersburg International Economic Forum , said the reaction on Russian markets -- which included a 4 % drop in stock prices -- was `` disproportionate '' to the country 's economic situation . Deripaska also played down the significance of Russia 's pledge to crack down on tax evasion as part of an agreement with other G8 leaders . Russia : We can survive if Fed winds down stimulus . Deripaska , who Forbes estimates to be worth $ 8.5 billion , told CNN the Russian president 's plans `` would n't change anything for us . '' The comments were `` sort of warning ... keep paying taxes , '' he said . CNN Twitter chat : Africa on the rise as BRICs fall ? The Fed 's hints it would dial back its cheap money program come as Russia expects a loosening of economic policy under its new bank head , Elvira Nabiullina . At 8.25 % , the country 's interest rate is high for developing economies and , according to Deripaska , the new leadership will help restructure the country 's financial sector . His views echo those of VTB president Andrey Kostin , who earlier told CNN interest rates were too high . Kostin said he expected a change in focus of monetary policy , to become more `` relaxed . '' Deripaska said the country produced enough raw materials but now needed to invest money in processing . `` Russia has a lot of opportunity inside Russia to grow , '' he said .
Russia has dismissed the markets crisis and the Fed 's stimulus announcement this week as ` ` very emotional '' Deripaska said the attack on Russian banks was ` ` disproportionate '' to the country 's economic growth . The Fed 's said it would dial back its cheap money program come as Russia expects a change of economic policy .