По-русски не печатает скорее всего из-за того, что шрифт не тот.
Вот пример с апишками, все прекрасно работает.

На форму кидаешь кнопку Command2, Timer1 с интервалом 10 и пикчербокс Picture1.

Declare Function CreateFontIndirect Lib "gdi32" Alias "CreateFontIndirectA" (lpLogFont As LOGFONT) As Long
Declare Function SelectObject Lib "gdi32" (ByVal hdc As Long, ByVal hObject As Long) As Long
Declare Function DeleteObject Lib "gdi32" (ByVal hObject As Long) As Long
Const LF_FACESIZE = 32
Declare Function CreateCaret Lib "user32" (ByVal hwnd As Long, ByVal hBitmap As Long, ByVal nWidth As Long, ByVal nHeight As Long) As Long
Declare Function SetCaretPos Lib "user32" (ByVal x As Long, ByVal y As Long) As Long
Declare Function ShowCaret Lib "user32" (ByVal hwnd As Long) As Long

Type LOGFONT
lfHeight As Long
lfWidth As Long
lfEscapement As Long
lfOrientation As Long
lfWeight As Long
lfItalic As Byte
lfUnderline As Byte
lfStrikeOut As Byte
lfCharSet As Byte
lfOutPrecision As Byte
lfClipPrecision As Byte
lfQuality As Byte
lfPitchAndFamily As Byte
lfFaceName As String * LF_FACESIZE
End Type

Dim I As Integer

Private Sub Timer1_Timer()
Dim font As LOGFONT
Dim prevFont As Long, hFont As Long, ret As Long

I = I + 10
If I >= 1800 * 2 Then I = 0

Const FONTSIZE = 10
Picture1.Cls
font.lfEscapement = I
font.lfFaceName = "Courier New CYR" & Chr$(0)

font.lfHeight = (FONTSIZE * -20) / Screen.TwipsPerPixelY
hFont = CreateFontIndirect(font)
prevFont = SelectObject(Picture1.hdc, hFont)
Picture1.CurrentX = Picture1.Left + Picture1.Width / 2
Picture1.CurrentY = Picture1.ScaleHeight / 2
Picture1.Print "Текст"
End Sub