It seems like the ceasefire deal is holding pretty good. The Russian finance minister and the EU union ministers are meeting in Brussels in June. Most likely the EU will lift the sanctions. It is not in the interest of EU and Russia to sanctions each other when the economy is in a downfall. This will give a lift to Russian stock market. Based on the market evaluation, Russian stock market is still undervalued compared to Europe and USA. Disclaimer: I am long on RSX and RUSL.