Russia's public image has been seriously tarnished over recent months, with accusations of corruption, human-rights abuses and fraud becoming commonplace.
But investors willing to look through the headlines will see the country is improving and could provide impressive returns, Jochen Wermuth, founder of Greater Europe Fund, told CNBC.
"Russia presents two different faces these days. One is the disregard of civil rights and the rule of law… The other face is President Medvedev," Wermuth said.
"He very openly highlights Russia's shortcomings and urges his fellow citizens to fight corruption, backwardness, lack of human rights, election fraud, or drunkenness," he said.