One-two punch of global market panic and the drop in oil makes Russia a buy, IMHO.
If I had any cash in my account today, I'd be buying up a chunk of RSX, the Russia ETF.
Heavily weighted in oil and gas, today's continued drop in oil down towards $90, along with broader concern over the state of the world's economies led investors to flee the Russian equities en masse. After a 17% decline today, Russia halted trading. If I had cash on the sidelines, I'd be buying a small piece of RSX here, and watching carefull for further opportunities to buy in... perhaps even lower. Since I still view hard assets as the only sector to be in right now, I like Russia as an investment here. The ETF is also heavy in metals (>20%).
Just a thought. I know there are countless arguments to be made for where the greatest value lies right now, but I'm just saying that for me I would want at least some exposure to Russian commodities through RSX.