Although last quarter was tough on Russia, the economy is showing signs of an easing recession, leaving investors of exchange traded funds (ETFs) wondering if an entry point may be near.

The Russian economy fell deeper into a recession last quarter after businesses cut inventories to adjust to shrinking markets. Second quarter prospects for next year are looking better although the interim may be bitter, reports Paul Abelsky for Bloomberg.

President Barack Obama visited Russia earlier this week and came to an agreement that they would reduce their nuclear arms. Sophia Kishkovsky for The New York Times reports that most liberal Russians have cast aside hopes of a real political change from above, after President Dmitri Medvedev succeeded Vladimir Putin last year.

Russia has long had issues with “playing nice” with other countries, but if these steps toward cooperation continue, both within its own borders as well as beyond them, it could go a long way toward lifting their economy.

• Market Vectors Russia (RSX): up 43.4% year-to-date

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Tags: Eastern Europe, Emerging Markets, Global ETFs, RSX, Russia