I agree, I understand his statement mostly as rejecting the way how the transition was made and for the chaos that ensued after the collapse. (which was truly horrific even without the wars)
But also in that Russia lost its historic Great Empire position (in particular, with respect to the Baltics and Ukraine), along with a good chunk of its superpower status in the world, generally. Which he didn't have to mention directly, but that's the "chord" that quote seems to strike, in a broader context.