He was a 6"9" power forward. Tarakanov played at the club level with Spartak Leningrad (1975–1979), CSKA Moscow (1979–1990, winning 7 times the Soviet Basketball League), the German club Ludwisburg Stuttgart (1990–1991), and the Belgian club Saint Louis Liège (1991–1992).
As a player of the Soviet national team, Tarakanov won: 3 gold medals at International Basketball Federation EuroBasket (EuroBasket 1979, EuroBasket 1981, and EuroBasket 1985), the silver medal at EuroBasket 1987, the bronze medal at EuroBasket 1983, the gold medal at the 1982 International Basketball Federation World Championship, the silver medal at the 1986 International Basketball Federation World Championship, the gold medal at the 1988 Summer Olympic Games, and the bronze medal at the 1980 Summer Olympic Games.
Tarakanov was a member of the Soviet national team from 1979 to 1990.
