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"It's about finding the right stocks, and in Russia we are managing to find them," Conrad Saldanha of Neuberger Berman, told CNBC's "Power Lunch " on Friday.
The analyst noted: "We've got some good assets and high-quality businesses generating good cash flow. The risk with all of this is the ruble, which has been weak and lost almost 50 percent of its value over the last 12 months so."
Russia's biggest food retailer, Magnit, is a top pick for Saldanha, because its business tends to generate a lot of cash.
"Inflation is good for food retail generally but not for discretionary retailers. It's a great place to be in the Russian context," he said.
"Despite that the economy in Russia is going to shrink this year by five points, you should still see growth coming through from Yandex."