It's easy to come up with good reasons to steer clear of Russian equities. The Russian government has shown itself perfectly willing to play fast and loose with the rule of law, corruption is still an endemic problem, and the notion of shareholder rights can be pretty iffy.
Even so, I find that some of best investment returns have come from places where the "conventional thinking" was much too bearish, and so I think it may be with Russia and its second-largest oil producer Lukoil (OTCPK:LUKOY). Although Lukoil does need to bring new fields into production to offset declines in its Western Siberia fields, those developments are underway and the company could surprise to the upside with long-term...
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