Meanwhile, the ruble currency is recovering from its lowest level in almost six weeks, appreciating to 53.1 to the U.S. dollar, Bloomberg reports.

“Current market fundamentals imply the ruble’s exchange rate in the range of 55 to 60 per dollar, which is more comfortable for the Russia’s state financials,” Konstantin Artemov, a money manager at Raiffeisen Capital, said in the Bloomberg article.

A strengthening ruble currency may also bolster Russia ETF gains as the ETFs hold ruble-denominated assets, so a stronger ruble translates to a improved U.S. dollar-denominated return.

Market Vectors Russia ETF

For more information on Russia, visit our Russia category.

Max Chen contributed to this article.

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