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Rising tension between Russia and the West has rattled the country's stock and bond markets, but some money managers see the turbulence as an opportunity.Those betting on Russia now should have a long-term horizon.Russia's economy has weakened as inflation has risen and investments have stalled. Rogers, who has been investing in Russia for the last year and a half, said he bought Russian stocks last week. He said if more sanctions were imposed and the equities market declined further, there would be more buying opportunities in Russia.Seven Investment invests in a range of emerging market stock and bond benchmarks, in which Russia represents about 6 percent and 10 percent of the total indexes.The wild card is whether the saber rattling between Russia and Ukraine will intensify and how much it hurts the Russian economy.The United States and EU, worried that Russia could seek to take control of parts of eastern and southern Ukraine, have warned they could impose broader sanctions affecting entire sectors of Russia's economy.At the peak of the Russian crisis in early March, the spread on Russian sovereign debt relative to Treasurys had widened to about 350 basis points on the JP Morgan EMBI+ benchmark debt index.
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