Russia doesn’t appear to be focusing on its own economic crisis and, left unchanged, could have long-term impact on its exchange traded fund (ETF).

President Dmitry Medvedev finally addressed the nation a day after Barack Obama won the U.S. presidency, but he took the occasion to blame America for the war in Georgia and the world economic crisis, the Economist reports. He put the onus on America to repair its relationship with Moscow.

Most of the speech was spent talking about politics in Russia instead of the economy, which is what happens to be on the minds of most Russians. What this stance is going to mean for the country down the line is open to debate. Russia faces a number of challenges if they ignore their own economy, especially in light of its dependence on oil, as Obama is pledging a commitment to the alternative energy industry.

Can Russia keep up with the rest of the world?

Market Vectors Russia (RSX) is down 66.6% year-to-date.

Tags: Eastern Europe, Emerging Markets, Obama, RSX, Russia