"I am sure there will be some good buys," he told Reuters in an interview.
At the same time, the businessman wanted to make sure that the companies are not under Western anti-Russian sanctions.
"I am an American and I have to be a little bit careful," he noted.
Jim Rogers is the chairman of the investment firms Rogers Holdings and Beeland Interests, Inc, and co-founded the Quantum Group of private hedge funds with George Soros in 1973.
In addition, the US millionaire plans investments into the Russian tourist and agricultural industries.
"I am trying to buy into a Russian tourist company, I am optimistic about Russian tourism," he said.
"I bought more Russian government bonds about two or three weeks ago, or a month ago… short-term. If I got a chance I would probably buy more," the investor said.
He emphasized that he is only investing in Russian ruble bonds, not Eurobonds. According to Rogers, Russian treasury bonds have much higher yields.
"More and more people coming to understand that Russia is a good place to invest… Russia is not a huge debt nation, it's not like Portugal or America," he pointed out.
"The Russian economy is suffering a lot and many people have already cut back… but America has not yet had a big drop, Germany did not have a big drop yet, but when they drop they will drop much more than Russia because Russia has already dropped," he concluded.
The Russian economy is attractive for investors because in the near future ruble and oil prices will stablize, chief investment officer at Credit Suisse Michael O’Sullivan said.
"I think Russia looks interesting. […] The Russian economy is definitely recovering, but it would take some time," he told RIA Novosti.