Such data might trigger a Pavlovian response in contrarians, who often view deep pullbacks as buying opportunities. And with a forward price-to-earnings (P/E) ratio of around five, the Russian market does look awfully cheap next to the U.S. market's forward P/E of 18.

Trouble is, Russia still displays the same issues that have made it a hazard since day one. The biggest shortcoming for this market (and economy) is an extreme overdependence on commodities, especially its two main exports, oil and gas. At present, the energy sector accounts for about a quarter of gross domestic product, two-thirds of exports and nearly a third of government budget revenue.

The deficiency is greatly magnified when energy prices are low, as is currently the case. With oil and gas both still well off last year's peaks and only tepidly recovering, Russia's GDP is set to contract by 3% this year and mostly tread water in 2016, suggest growth estimates by the Organization for Economic Cooperation and Development.

The country's over-reliance on energy isn't likely to be resolved anytime soon. During his 16-year tenure, President Vladimir Putin hasn't placed nearly enough emphasis on economic diversification, leaving the nation well behind the eight ball in that respect.