Russia is no stranger to subzero temperatures. But the freeze in capital markets caused by the crisis in Ukraine is thawing rapidly – and may offer investors some opportunities.

Tensions remain high in eastern Ukraine, but there have been some hopeful signs. Separatist leaders have now agreed to a cease-fire declared by Kyiv as a first step toward peace talks. Russian President Vladimir Putin on June 24 requested parliament to rescind authorization to use military forces in Ukraine, a move welcomed by Kyiv. As a result, further sanctions on Russia seem unlikely.