Large fund managers expect the bulk of Russia's assets to remain closed to Western investors, despite a flurry of 'exotic' trades betting on a rapprochement between Moscow and Washington. The diplomatic thaw, ushered in by U.S. President Donald Trump's perceived openness to Russia's Vladimir Putin, has prompted bets on Russian-linked financial assets, including the rouble, Kazakhstan's tenge currency - a rouble proxy - and the bonds of Russian energy companies Gazprom and Lukoil. But rather than a gold rush back into Russia, which has been isolated from the global financial system since it invaded Ukraine in 2022, veteran players say they expect a longer-term hiving off of key parts of Russia's economy from foreign investors.