"At some levels, Russia is extremely cheap so if you are ever going to invest in Russia, maybe now is the time," David Stubbs, a global market strategist at J.P. Morgan Asset Management, told CNBC Tuesday.
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However, he warned that a "big risk" remained: the escalation of tensions between Russia and neighbouring Ukraine, which has strained the country's relations with the U.S. and Europe.
"When you talk about retaliation (from Moscow) – one possibility is preventing people from flying over Siberia and capital controls. So you could put your money into Russian assets and it might be very hard to take your money out," Stubbs added.
Russia, one of the world's biggest oil producers, has also been hard hit by the collapse in oil prices which have more than halved in value since last June. The impact has been exacerbated by a weak Russian ruble.
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Alexander Branis, director of Prosperity Capital Management, was bullish on the outlook for Russian equities, however.
"The oil price has stabilised, the ruble is very cheap, so the prospects are quite good (for stocks)," he told CNBC on Friday. "Russia is the best performing market this year in dollar terms in the world. So we are up too, in dollar terms."