While North American shale markets have been primary drivers of top and bottom line growth for oil services firms in recent years, the allure of Russia is too compelling to resist for Western oil firms. Global oil giants from Exxon Mobil (NYSE: XOM), the largest U.S. oil company, to BP (NYSE: BP), Europe’s second-largest oil company, have been lured to Russia and need the services provided by the companies found in OIH and IEZ to tap some of the largest non-OPEC reserves.

Exxon is paying tens of billions of dollars to partner with OAO Rosneft to tap Russia’s Arctic region. Overall, exploration and production companies are expected to spend nearly $52 billion in Russia this year, according to Bloomberg. [ETF Ideas for Mexico’s Energy Boom]

Investors looking to stay involved with the oil services industry in the face of Russian sanctions can consider the $318 million SPDR Oil & Gas Equipment & Services ETF (NYSEArca: XES).

As an equal-weight ETF, XES allocates no more than 2.66% of its weight to any of its 52 holdings. Halliburton and Schlumberger combine for less than 5% of the ETF’s weight. XES is up 9.1% in the past six months. [A Unique Oil Services ETF]

Market Vectors Oil Service ETF