Steele said the crippling sanctions on Russia by the international community would have an adverse effect on the country which may lead to the use of a chemical weapon.
He noted that Putin’s regime would ultimately collapse due to the sanctions imposed on Russia by the international community.
Speaking with Sky News, Steele said the sanctions imposed on Russia may lead to protests in Moscow and across the country.
He said: “I don’t see him surviving this in the long term. I think we’ve gone over a watershed here.
“An operation on this scale is really beyond Russia. I think there are several gross miscalculations here by Putin.
“As people’s living standards start to fall, they will be increased protests on the streets of Moscow, St. Petersburg and other cities. And I think that will play into probably an elite attempt to remove Putin in due course.
“As the Russian army becomes bogged down, more desperate, and clearly not realising its objectives militarily, you’re likely to see more indiscriminate killing and bombardment and possibly the use of a [chemical] weapon.”
Two weeks ago, Russia had begun a war against Ukraine over its decision to join NATO.
Putin, however, called the invasion of Ukraine a military exercise.