He was part of the City side that reached the quarter-finals of the competition under previous manager Mark Hughes in 2009, and feels the current squad is good enough to progress even further this time around.
"Last time out, we didn't really have that much experience - there were a lot of players in the team that, like me, had not played in Europe before," Richards told BBC Sport. "I learned a lot from that season. European football is very different to Premier League football - it is a lot slower for a start.
"We had some hard games then and we have got some even harder ones this time, including Juventus away which we are all looking forward to.
"But now we have got some top-drawer players, a lot of whom who have just come back from the World Cup. It's a competition we have always taken seriously and we are all raring to go in Austria."