Russian shares took a double whammy from international sanctions and oil's crash, but the market now offers "the bargain of the century," Mark Mobius, Templeton Emerging Markets' executive chairman, told CNBC.
"Russia is very cheap," the storied emerging markets investor told CNBC's "Street Signs." "The problem is the sanctions. Many of us cannot invest because of the sanctions. Once sanctions are released, then the market is going to do very well."
The MSCI Russia index has rallied about 20 percent so far this year, but it's still down around 36 percent since the beginning of 2014.
Russia's economy has been on a rollercoaster ride since the government's annexation of Crimea in March 2014 and its role in the pro-Russian uprising in Ukraine resulted in the European Union and the U.S imposing sanctions. The next review of the sanctions is in July.
This economic isolation, coupled with the low price of oil, has weighed heavily on the country's currency - the ruble - and economy. The Tass news agency said Russia's gross domestic product (GDP) contracted 3.7 percent in 2015 after ekeing out growth of just 0.6 percent in 2014.
Mobius isn't alone in seeing value in Russia.
"If you look at the Russian economy, the worst is behind us," Karine Hirn, chief executive of East Capital, told CNBC's "Squawk Box" on Friday, noting consumers in the country had been resilient.
"Russians keep spending money. Less than before, but they still keep spending," she said, adding that East Capital had invested in consumer plays.
Hirn's also watching dividend yields.
"The Russian market has always been one of the markets among emerging markets paying the highest yield and now the government that needs money is speaking to state-owned enterprises to make them increase the payout ratio from 25 percent to 50 percent," she said.
After the market's recent gains, "it's not a screaming buy," she noted, but added that it was still very cheap compared with other emerging markets, which was drawing many brokers and investors back into the market.