Forget the War: Invest in Russia

From Russia, with..?

Tobias Levkovich, chief U.S. equity strategist at Citigroup, and John Connor, portfolio manager of the Third Millennium Russia Fund, discuss the Russian Republic, its armed conflict with Georgia -- and whether your investments are safe in Vladimir Putin's nation.

Levkovich reassured investors that petroleum pipeline disruption in the Caucasus region won't drive oil prices back up to recent market-threatening highs -- thanks to the global slowdown, which has tamped down demand for crude.

Connor says that doing business with Moscow -- at every point in Russian history -- is always "rooming with a porcupine." But the manager has played that thorny relationship, buying miner/metals producer Mechel after Putin "beat it up" with public accusations of price-fixing.

Connor has also "heavied up" on Lukoil .

Other Russia plays for "foreigners":

- Vimpel Communications

- Mobile TeleSystems