At the time, the ratings agency said, “the probabilities associated with the downside scenarios are higher than those associated with an upside scenario in which the recession is shorter and shallower than Moody’s baseline.”

In January, S&P lowered its rating on Russian debt to BB+, the highest junk rating, from BBB-, the lowest investment grade. That was after Fitch Ratings lowered Russia’s sovereign credit rating to BBB-, the lowest investment grade, with a negative outlook. Fitch previously rated Russian sovereign debt BBB. [Russia ETFs Fall After Fitch Downgrade]

Companies listed on Russia dollar-denominated RTS Index trade at half the average valuation of the MSCI Emerging-Markets Index, according to Bloomberg.

Russia ETFs have are also rising despite little help from oil prices. The United States Brent Oil Fund (NYSEArca: BNO) has traded modestly lower this year, an important factor because Russia prices its crude output in Brent terms. No non-OPEC producer is more dependent on oil exports as a source of government receipts than Russia.

Market Vectors Russia ETF