Agreed! My opinion (you may agree) is that if presented with a tournament sponsored by the NHL that is scheduled to be played in late August and/or early September, the Russian Hockey Federation (RHF) is most likely to resolve that conflict in favor of the KHL. Obviously, the KHL has numerous teams situated in the Russian domestic market, and presumably has a steep bias in favor of the KHL over the NHL.
I am assuming here that it would take Federation approval to enter a team in the Canada Cup. I am also assuming that the KHL would refuse to completely revise its schedules and delay the start of its season for a month to accommodate the financial interests of the NHL. And since there are a number of KHL players who would legitimately be members of any national team (e.g., Kovalchuk, Radulov, Medvedev, etc.), I am assuming that the RHF would not sanction a national team which excluded some of its best players because of league affiliation. I am really serious when I say that I don't think Russia would have an entry in the tournament unless it was scheduled in July, or possibly during September, much like the Olympics.
I also think that other European Federations would legitimately hold out for issues of fair competition, like being able to play Medal round games at home.