Russia's MICEX Index looks cheap after falling dramatically this year and could be a good investment compared to holding shares of the technology giant Apple, Paul Gambles, managing partner at the financial advisory group MBMG Group, told CNBC.
"You've got to look at valuations," he told CNBC Monday. "To me, at those sorts of prices, it's starting to look like there's a - speculative admittedly - high risk opportunity."
"There's a play on Russia just because of the pricing. I'd rather own Russia than own Apple, frankly."
Gamble's comments come after a Bloomberg report back in November that stated that an investor who owned the whole of Apple would be able to sell it, purchase the entire stock market of Russia, and still have enough change to buy every Russian an iPhone 6 Plus.
The Moscow index is down 3.9 percent so far this year following Russia's annexation of Crimea in March and the subsequent sanctions against the country from the West. The index could have performed even worse had it not been for the fact that it is denominated in the Russian ruble which has slid on the back of falling oil prices. Russia's RTS Index - which is denominated in U.S. dollars - is down 48.6 percent year-to-date.
"I think there is potentially some upside. Maybe it can go down further but the idea that the ruble is going to stay at these levels forever, that Russian stock prices are going to stay at these levels forever, I just don't buy that. I think there is some scope for seeing some sort of a rebound," Gambles added.
"I'm not saying it's a buy and hold. But I think get in, try it."