Born on 28 November 1957 in the town of Yermolaevo, Kumertau District of the Bashkir ASSR.
In 1975, graduated from the public school of Vilino town of the Bakhchysarai district of the Crimea Region. For two years he worked in the production (a mechanic in the Crimean sovkhoz POH Magarach and as a workman at the Kiev chemical and pharmaceutical plant).
In 1983, he graduated from the Lomonosov Moscow State University, in 1986 – from the graduate school of the Department of Economics of Lomonosov Moscow State University. Candidate of Economic Sciences, Associate Professor. In 2005, he graduated from the Diplomatic Academy of Russian Foreign Ministry. Honoured Economist of the Chuvash Republic. He published about a hundred papers on the issues of economic and social development of the Chuvash Republic and the Russian Federation.
Since 1986 – lecturer at the Chuvash State University, associate professor of the Department of Economic Theory and Market Economy. 1994–1997 – Deputy Director of the Institute of Economics, Finance and Law (Cheboksary). In 1995–1997, he headed Cheboksary branches of Moscow commercial banks. He was elected a deputy of the State Council of the Chuvash Republic.
1997–2000 – Deputy Chairman of the Government Cabinet, Minister of Economy of the Chuvash Republic. Aksakov oversaw the development of the Programme for the transition of the Chuvash Republic to market economy, the Anti-Crisis Programme of 1998 and the Programme of Social and Economic Development of Chuvash Republic for 1998–2003. He developed and implemented criteria for assessing the performance of the heads of districts and cities of the Republic, was one of the originators of the introduction of mortgage lending to the people of Chuvash Republic, various incentive mechanisms for housing construction in the region, support small and medium-sized businesses and modernization of major production.
1999–2003 – Deputy of the 4th State Duma (elected from a single mandate Cheboksary district), deputy chairman of the Economic Policy and Entrepreneurship Committee.
2003–2007 – Deputy of the 4th State Duma (elected from a single mandate Cheboksary district), deputy chairman of the Credit Organizations and Financial Markets Committee.
2007–2011 – Deputy of the 5th State Duma (elected from A Just Russia party list), deputy chairman of the Credit Organizations and Financial Markets Committee.
2011–2016 – Deputy of the 6th State Duma (elected from A Just Russia party list), until April 2015, served as deputy chairman of the Financial Market Committee, in April 2015 was elected chairman of the Economic Policy, Innovation and Entrepreneurship Committee.
From October 2016 – Depute of the 7th State Duma (elected from the Kanash electoral district of the Chuvash Republic), Chairman of the State Dume Financial Market Committee.
Chairman of the Council of the Association of Russian Banks, member of the Board of the Russian Union of Industrialists and Entrepreneurs, research adviser at the Department of Financial Markets of the Financial University under the Government of the Russian Federation.
He was awarded the Order For Service to the Fatherland, 4th Class, medals of the Order For Service to the Fatherland, 1st and 2nd Class; Honorary Diploma of the President of the Russian Federation for his services in state-building, development of budget and tax legislation and active social and political position; Honorary Diploma and a Badge of Honour of the State Duma of the Russian Federation for significant contribution to the development of legislation and parliamentarism. Honoured with Commendation of the Prime Minister of the Russian Federation, the Minister of Finance of the Russian Federation and the Director of the Federal Security Service.
Married, has two sons, Dmitry and Alexander.