Additionally, the central bank’s high 14% interest rates have drawn criticism as many believe borrowing costs remain at punishing levels for business and households, stifling economic growth.

The ruble currency, though, is showing signs of strength, appreciating about 17% against the U.S. dollar since the end of January. Since the Russia ETFs track ruble-denominated assets and do not hedge currency risks, a stronger RUB currency would help generate greater U.S.-dollar-denominated returns.

Market Vectors Russia ETF

For more information on Russia, visit our Russia category.

Max Chen contributed to this article.