https://www.wsj.com/articles/ukraine-invasion-upends-u-s-investor-bet-on-russian-malls-and-other-property-11646744401 Real-estate developer Hines started investing in Russia soon after the Soviet Union’s collapse in 1991. Before long, the American company became one of the world’s largest foreign owners and managers of Russian commercial property. Hines thought a reborn Russia would embrace market reforms and become more integrated with Western Europe. The Houston-based developer rode out ruble devaluations, financial crises and the economic sanctions that followed Russia’s 2014 annexation of Crimea to chalk up positive returns.