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Oleg Tinkov wrote in a profanity-littered Instagram post that he did not see "any beneficiary" of the conflict.
Mr Tinkov is one of Russia's most well-known entrepreneurs and founded the global online bank Tinkoff Bank and owned the cycling team Tinkoff-Saxo.
Mr Tinkov has previously denied having any close relationship with President Putin or the Kremlin.
In his Instagram post, Mr Tinkov said 90% of Russians were against the war in Ukraine and added "morons in any country are 10%".
"I don't see a SINGLE beneficiary of this insane war! Innocent people and soldiers are dying," Mr Tinkov added.
"Waking up with a hangover, the generals realised that they have a **** army.
"And how will the army be good, if everything else in the country is ****ty and mired in nepotism, sycophancy and servility?"
Before Russia invaded Ukraine in late February, Mr Tinkov's wealth had been estimated at more than $4.4bn (£3.4bn).
But he has since lost his billionaire status as shares in his bank have plummeted, Forbes reported last month.
Switching to English in his post, Mr Tinkov wrote: "Dear 'collective West' please give Mr Putin a clear exit to save his face and stop this massacre. Please be more rational and humanitarian."
From BBC.....
An elderly Jewish woman who survived the Holocaust has died in the siege of Mariupol, her daughter told the Chabad.org news site.
Vanda Semyonovna Obiedkova, 91, was sheltering without water in a freezing basement when she died on 4 April.
More than 80 years ago she had hidden in a cellar during Mariupol's Nazi occupation.
This time she was taking shelter from Russian forces who have bombarded the city and cut off essential supplies.
"Mama didn't deserve such a death," her daughter Larissa told Chabad.org.
"There was no water, no electricity, no heat - and it was unbearably cold," said Larissa, who was in the basement hiding with her mother. "There was nothing we could do for her. We were living like animals."
Any moment spent outside the cellar was risky, with two snipers installed near the closest water sources, and the unrelenting bombardment from the sky.
The Russians are scum disgusting excuses for human beings. I hope that in my lifetime, I never see the re-integration of Russia into international relations. It’s no good anyone claiming that the Russian population don’t know the truth, you would have to be terminally stupid or blind not to realise that the country is being sidelined and that could only be because Russia is undertaking an aggressive war. All Russians know that Putin eliminates opponents, one was shot dead close to the Kremlin, so they know what a piece of s**t he is. I hope all Russians suffer economic hardship for decades to come and as many of their families as possible have the job of burying their dead soldiers.
Jetta....I don't think that at all accurate about the people of that vast land.
Many struggle each day to make ends meet to be concerned with what may be happening in the next district let alone outside the federation.
Many social media platforms are banned or heavily censored to allow free thought.
Even Belarusian people only in 2020 were out demonstrating against their president from factories and on the streets. They may not have access to the world in general but they are ordinary people at heart.
We take for granted free speech (although even that has been erroded here since the pandemic) The vast majority of theses ordinary people want similar to ourselves....peaceful life, food, water and basic necessities of life...not physopathic murders.
I have huge respect for ordinary Russian people but I don't judge them on their leaders....just like I wouldn't judge UK people or any other people by their leaders.
The world is been led by corruption both in government and business.
And in the west after 2008...for anyone with a brain cell would have seen that exposed, with how the banking criminals got away Scot free, while the home owner got turfed out of their house.
The erosion of liberty is what's really at steak here.....we can see it in other countries clearly.
I detest any government officials that are bent crooked and corruptred no matter which country they are in.
After the diplomats from the US visited yesterday...I noticed they seem more outspoken on depleting Russian forces in this war.....
I wonder if behind the scenes....China has been won over......the Chinese are in the middle of a major crises of their own...with Shanghai nearly a month into a brutal lock down....that has seen some people openly revolting against local authorities.
That and the fact that the shipping industry at the ports are in disarray as no shipping freight can land or depart due to the lock down....
The repercussions of this haven't even begun to be felt in the global economy.....
What extraordinary events we are witnessing.......
Germany moving now on arming Ukraine with anti aircraft weaponry....
Poland has unconfirmed reports that Gazprom has shut off their gas supply........
UN head tells Lavrov....in political speak....you are a liar...