Are Russia ETFs really that cheap anymore?

RSX is trading at $5 now versus $30 about a month ago.

The reported Premium on the ETF is 550% since new ETF shares arn't being created.

Wouldn't one still be paying the $30 valuation for the ETF since the NAV is at such a high premium?

I assume each share would be heavily diluted when the ETF creates new shares when/if markets open.