Russia’s exchange traded funds (ETFs) were hit hard in the financial crisis. Now the country is trying to claw its way back, and it’s taking some surprising steps to speed the process.

Peter Van Dyke for MarketPlace reports that Russia’s largely commodity-driven economy was hit hard by the financial crisis. As a result, the country’s leaders know what needs to happen: modernization. And to achieve that, they’ve sought the help and investment of the United States. [Russia ETFs Get a Helping Hand.]

To deepen the trade relationship between the two countries, aviation was at the top of the list for both. Boeing (NYSE: BA) signed a $3.7 billion contract to supply 50 planes to Russia.

The moves to bring more companies over to Russia may come not a moment too soon, because a slowdown in economic growth there threatens to ding the government’s popularity, Maria Levitov for Bloomberg reports.

Annual growth may slow to 2% in 2011-2013 if prices for oil and gas fall. The ministry forecasts growth of 3.9% to 4.5 % in the next three years, but that’s seen as generous. [Russia’s Economy and ETFs In Limbo.]

  • Market Vectors Russia (NYSEArca: RSX)

  • SPDR S&P Russia ETF (NYSEArca: RBL)

Russia ETFs

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.