A recent diplomatic thaw between the US and Russia has sparked interest in Russian assets, such as the rouble and bonds of companies like Gazprom and Lukoil. However, despite some speculation, experienced fund managers anticipate that most of Russia's assets will still be inaccessible to Western investors in the long term. The potential for asset swaps between Russia and the West is seen as a means to reduce risk for both sides. Though there is a growing interest in trading Russian assets like rouble non-deliverable forwards (NDFs), which are derivatives traded in dollars, there is caution regarding direct investment in Russia due to ongoing sanctions and geopolitical tensions. Experts believe that while there may be opportunities in niche trades like NDFs, greater access to Russian assets for Western investors is unlikely for the foreseeable future.