But as Russia and the United States engage in talks in Paris, and Vladimir Putin calls President Obama, it's pretty clear that all parties are looking for a diplomatic solution. I think that the solution won't include the Russians extracting their presence from Crimea — that's likely a done deal. So if Russia decides to not pursue military action or move toward absorbing more of the Ukraine, we could see a scenario where Russia is scolded but lasting consequences are not severe. And if that's the case, the recent selloff in Russian equities could very well be an overreaction by understandably skittish investors.
Read MoreMoody's puts Russian debt on review for downgrade
If you are considering investing in Russia after the recent correction in the country's markets, there are three issues you should consider:
Remember Russia is essentially a commodities economy. What will impact Russia more than sanctions is the current consumption rate of energy and other natural resources on a global and European basis. Also look to emerging market manufacturing growth for keys on the future slope for commodity prices.
Sanctions will have an impact on economic growth. Though there is little the global community can really do to Russia on a lasting basis, recent calls to reduce dependence on Russian exports by European Union members will have an impact. If you are buying Russia, you need to buy it based on assumption of slower growth rates.
Read MoreRussian growth expected to slow sharply—and not just due to Crimea
Be prepared to take profits. Russia is one of the infamous BRIC countries and most strategists have a view, myself included, that BRIC countries are sure to slow as global growth slows. When the overreaction vanishes and valuations return to more normalized levels, that's when you need to carve some of the profit out of this position. You may believe in this country long term, but the short-term profit is what will likely be present for investors to harvest once the headline cease about Russian tanks.
I am not bullish long-term on the Russian economy. A slower-growth world, coupled with technology advances in alternative energy, will slow the Russian economy. Additionally, the level of corruption is so widespread that one wonders how much internal consumption has been soaked away by Russian companies and their chiefs.
But again, we are talking about capturing short-term opportunity. On the short-term, Russian equities have likely sold off more than they should have given current fundamentals and that's the opportunity provided to opportunistic investors amidst a frightening headlines.
Read MoreTighter sanctions will be tough but Russia can't afford them
Michael A. Yoshikami is the CEO and founder of Destination Wealth Management in Walnut Creek, California. He is also a CNBC contributor.