LONDON — Even if Russia’s invasion of Ukraine is de-escalated, investment in Russian assets will be scarce for a long time to come, according to Timothy Ash, senior emerging markets sovereign strategist at BlueBay Asset Management.

Russian and Ukrainian foreign ministersAs Moscow continues its onslaught against Ukraine, the leaders of these countries are expected to meet in Turkey next week in order to hold crunch talks. Russian forces were charged Wednesday with bombing Mariupol’s children’s hospital.

Global stock markets shot up on Wednesday due to the possibility of de-escalation. reversed the recent surge in oil• Other commodity prices. Ash stated that anyone trying to cheaply buy Russian assets had “misunderstood Russia.”

According to him, “The story about Russia has changed.” He also stated that investors have an increased ability to invest in Russia for the longer-term.

“The damage to the Russian economy will be long term, so it depends why you are buying it — are you buying it because the Russian economy is going to bounce back? It is not, I think.

Russia’s invasion of Ukraine has been stopped unprecedented economic sanctions from Western powersThe initiative aims to cut Moscow off from the global economic system, and includes the U.S. this week taking the substantial measure– to ban imports from Russia.

In the meantime international blue chip companies have withdrawnthey sacked Russian assets from Russia and began operations in China.

From the beginning of the invasion, Feb. 24, 1994 to the present Russian rubleRussian stock market has been shut down as it sinks to new lows. London-listed shares of Russian companiesThey have almost lost all their value.

Ash said that while sanctions could be lifted from Ukraine after the Russian military withdraws completely, it will take companies a long time to prove their worth in Russia.

According to him, Russia poses a serious threat to Western libertarian democracy. Therefore, the West’s relationship with Russia will continue to be very challenging. He also spoke out about ESG (environmental, social and corporate governance).

The attack on the hospital and Putin’s general aggression in Ukraine — with Russian forces also shelling humanitarian corridors and civilian areas, prompting allegations of war crimes — will mean any Russian investment will likely fall foul of the ESG criteria favored by an ever-increasing number of investors.

It is very difficult now for big Western businesses to do business in Russia. Ash acknowledged that it is a fact and Putin is not going to reverse this trend.

Russia will continue to be a difficult investment destination for many years, until there are major political shifts in Moscow.