For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

One reason for Russia's low P/E multiple is a heavy weighting in energy stocks. Lukoil , the most independent Russian major, has U.S.-listed shares (ticker: LUKOY) that trade for 80, roughly five times projected 2008 profits. That's a low P/E, but Western oil majors like ExxonMobil (XOM) and Chevron (CVX) trade at about a seven multiple, while Petrobras (PBR), the well-regarded Brazilian oil giant, has a 2008 P/E of 10.

Ian Hague, a partner at Firebird Management, whose firm has about $3.5 billion invested in Russia and nearby countries, says that he's "starting to see value" in Russian shares. Credit Suisse's Russian strategist wrote last week that "at a time of increased political risks," it pays to stick with "state-friendly" stocks, including Gazprom , the natural-gas monopoly, and Sberbank, a large savings bank. Each has significant government ownership, and American depositary shares are traded over the counter, under the respective pink-sheet ticker symbols OGZPY and SBRBF.

Ian Hague, a partner at Firebird Management, whose firm has about $3.5 billion invested in Russia and nearby countries, says that he's "starting to see value" in Russian shares. Credit Suisse's Russian strategist wrote last week that "at a time of increased political risks," it pays to stick with "state-friendly" stocks, including Gazprom , the natural-gas monopoly, and Sberbank, a large savings bank. Each has significant government ownership, and American depositary shares are traded over the counter, under the respective pink-sheet ticker symbols OGZPY and SBRBF.

Hague warns, however, that the management of state-controlled companies is often weak. He prefers consumer plays like X-5 Retail Group, whose shares (FIVE.U.K.) trade in London, and VimpelCom.