Invest in the Russian stock market: Pro

With the Russian ruble in a free fall and the country's economic crisis impacting markets around the globe, investors may be wary about investing in the Russian stock market.

However, with the exchange-traded fund that tracks the Russian market down more than 50 percent this year, at least one investor thinks this could be a buying opportunity.

The "disciplined investor" with regular asset allocation strategies and emerging market positions would naturally increase their allocations in emerging markets at the end of the year, Tom Lydon, president of Global Trends Investments, told CNBC on Tuesday.

"With Russia being down even that much more, your allocation might increase 2 or 3 percent," he said in an interview with "Closing Bell."

"We're not talking about a huge risk at this point because this investment two and three years from now I feel is going to be that much better than it is today."

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An employee works in the offices of the OAO Moscow Exchange.
Andrey Rudakov | Bloomberg | Getty Images
An employee works in the offices of the OAO Moscow Exchange.

However, for David Nelson, chief strategist, Belpointe Asset Management, it's too risky a bet.

That's because to dive into this market, one must have a positive opinion of oil since Russia's budget is based on $100 oil, he said.

"OPEC has effectively committed suicide, so I'm not sure where oil is going to pan out. I just think it is pretty risky especially for retail investors to pile into this market right now," Nelson noted.

Plus, he expects capital controls will be implemented at some point.

"Individuals over there are buying refrigerators and TV sets. That doesn't sound like an economy I want to invest in right now," he said.

However, Nelson thinks the biggest risk is President Vladimir Putin, who "has gotten more irrational with each stair step down of the price of oil and the currency."

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Lydon, on the other hand, thinks Putin is going to be a little more conservative now.

"He's going to have to make some positive moves," he said.