Early in his presidency, Putin built a reputation as a strongman, using the military to crack down on extremist violence in the North Caucasus region.
But some investors say that strong government hand is in and of itself a problem for would-be investors in Russia. Bill Browder, CEO of Hermitage Capital Management, said governmental autocracy in Russia has already made it an "uninvestable country."
"Russia had thoroughly ruined any vestiges of attractiveness for foreign investors years ago. Anyone who is there now is there foolishly," he said. "Government officials can seize your assets without any due process—they can arrest you, torture you, kill you."
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Not everyone is deterred, of course. Some fund managers believe that despite the geopolitical headwinds in Russia, investors can and should put money into select investments there.
Triogem Asset Management's Tim Seymour said he likes the opportunities Russia presents in sectors such as steel, information technology and telecommunications.
Seymour was a partner at investment banking and asset management firm Troika Dialog from 1998 to 2004 and is raising a new investment fund dedicated to emerging markets money. Russia will be one focus of that fund, he said.
Unlike other analysts, Seymour said he does not believe the attacks will distract funds from considering investing in Russian companies such as search engine Yandex, telecom company MBT and IT services firm Luxoft.