The Italian is hopeful he will be equal to the task of leading his new side and is confident that he can guide them to World Cup qualification
Capello, who enjoyed success managing at club level in Italy and Spain, has been out of a job since February following his resignation from the England post, after falling out with the country's football association regarding the captaincy of John Terry.
The Italian boss was one of 13 candidates considered to replace Dick Advocaat before the Russian FA made the decision to hire the former Juventus and Real Madrid boss on Monday.
"I had reached a decision with the Russian FA last Friday, but there were several political factors which delayed the announcement, when several parties preferred a Russian coach instead," Capello told reporters.
"I'm glad that the president has opted for my project though. Qualification to the World Cup will be tough given the opponents in our group, but I feel I can contribute many things.
"There is plenty to be done."
Russia crashed out of the group stages at Euro 2012 despite leading the section on the last matchday.