An ETF With All Russia's Benefits -- and Risks

The shift away from landlines is one trend that Weismann finds to be particularly attractive about an investment in Russian telecom stocks.

"Cellular infrastructure for Russia and surrounding countries, in many cases, serve as the communications network of choice and often replace the need for landline telephones," he says. "The mobile penetration levels remain intriguing as more users are opting for this solution."

Professor Goldman has experienced the transformation of the Russian cellular industry first-hand. "A few years ago we took a group from Moscow to St. Petersburg and there were very long stretches along the way with no signal," he says. "More recently when we went, there were very few stretches that didn't have a signal."