Russia is doing well while Europe suffers. Unemployment has dropped to 6.3% from horrible levels in the previous decade. Inflation is moderating. As long as the oil and gas prices hold up, Russia will continue to maintain a positive current account. Emerging Market Musing notes that Russia foreign currency denominated debt is highly manageable. Fiscal debt is less than 20% of GDP. Russia is currently growing faster than Brazil.
Finally all emerging market investments must be tempered by possible currency gyrations. The ruble is currently at a two year high.
Currently markets are jittery because of recent protests of Putin. But with economic growth at 5% annual rate, I doubt too many waves will be made.
As mentioned before, the authors favorite Russian stock is RusHydro (RSHYY.PK), already owned by the author.
The author has already purchased RSX at $26.87.