Darby isn't overly concerned that the country is very dependent on its oil exports, as it's well known and oil prices have stayed relatively high for around three years.
Hirn noted East Capital has generally avoided playing the commodity exporters, but the recent market turbulence may have offered some opportunities.
"The ruble has depreciated and might be kept under pressure. And this is benefitting exporters and commodities," Hirn said. "We've actually always been very strongly underweight on commodities, but right now tactically we are actually increasing our exposure to exporters."
But she believes the real opportunities may be in the consumer sector. While most emerging markets are a play on the rising middle class and growing consumer spending, Hirn notes Russia's middle class has already "exploded," with around 70 percent of the population already in that income bracket.
(Read more: Could Ukraine trigger a full-blown EM crisis?)
"What is interesting with the Russian consumers is they like spending. They do not save, they spend. And that's why it's one of the healthiest and dynamic consumer markets in the world," Hirn said.
Although she doesn't expect the West to impose sanctions on the country, she believes any restrictions on imports will actually benefit the country's domestic consumer players.
To be sure, not everyone is jumping at the opportunity to scoop up Russian equities.
"The lower valuations are for a reason," said Meike Bliebenicht, product specialist at HSBC Global Asset Management. While her funds had a preference for Russia a while ago, they went neutral on concerns over internal political and structural issues and its main trading partner, the eurozone. She doesn't expect HSBC to change its position.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1