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Duncan Bannatyne, world-renowned entrepreneur, said the West needs to give Russian leader Vladimir Putin an opportunity to retreat from his invasion of Ukraine after an onslaught of sanctions imposed against the country.
The Dragon's Den star said on Liam Halligan’s On the Money: “I think Putin must realise he made a mistake and how he gets out of that mistake I don’t know how.
“But we have to give him some sort of opportunity to get out without his head too low.
“The conflict is getting out of hand almost close to another world war and we have to do something quick to prevent it escalating."
His comments on GB News came after the UK, EU and US deployed severe economic measures that target Russia’s finance, energy and industrial sectors, as well as high-powered individuals and oligarchs.
This week a barrage of leading Western companies have also suspended business with Russia in a bid to make Russia and economic pariah and put pressure on Putin to withdraw his troops.
Oil and gas giants BP and Shell severed links and ditched billions of pounds worth of investments in Russia. Shell has announced it will also be ending its involvement in the Nord Stream 2 pipeline
“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Chief executive officer of Shell Ben van Beurden said.
Similar responses to the invasion of Ukraine have been made by tech giants such as Apple and Google who have dramatically limited their available services in Russia.
Mr Bannatyne recognised how UK’s economic retaliation may negatively affect UK businesses, but says we need to “stop thinking about profit".
He added: “It’s not the most important thing anymore, it won't be important for a long time.
"The most important thing is survival and looking after each other and being kind to each other would also be nice.”
He also touched on the “incredible courage and bravery” of Ukrainian citizens.
Mr Bannatyne concluded: "We have a duty to look after Ukraine and its refugees.
"They shouldn’t be left in camps they should be an opportunity of a decent life.”