Renowned American businessman Jim Rogers, who gained noteriety (and a fortune) for betting against the Bank of England in the 1980s, did not mince words during a recent interview with Business New Europe.

The maverick investor describes the US government and its sanction war as "foolish" and insists that Russia is ripe with investment opportunities.

"Two years ago Russia was like the backend of the world and no one was paying attention. Now the US has shot itself in the foot," Rogers told BNE.

"The conflict in Ukraine has certainly been a setback, but it's not the end of the world. [US oil major] Exxon just announced that it's found oil in the North [Arctic] and [even if] Exxon closes this camp and goes home, then the oil is still there and it will be exploited by someone. This is a blip and no more."

Rogers has already made significant investments in Russia, and is looking to make more. He has holdings in Aeroflot as well as fertiliser producer Phosagro, of which he was recently appointed a director.

Like countlesss others before him, Rogers points out that limiting Russia's access to Western capital has achieved very little apart from strengthening economic ties between Russia and its Asian neighbors:

"Hong Kong and Singapore are not New York and London, but they are both growing rapidly and there are gigantic pools of capital in Asia...The problems in Eastern Europe will help the Asian market to develop and catch up with the West. There is a lot of money in Asia and expertise."

Ultimately, Rogers believes that cooperation between the West and Russia is the only rational way forward.

"We need to engage in Russia – open our hearts and minds to Russia – as engagement is always better than isolation."