The United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, surged 5.2% Tuesday on above average volume, providing a spark to energy-heavy Russia exchange traded funds.

For example, the Market Vectors Russia ETF (NYSEArca: RSX), the largest Russia exchange traded fund trading in the U.S., climbed 2.4% on the back of Brent’s rise. RSX allocates over 40% of its weight to the energy sector and has previously displayed a tight correlation to oil prices.

The combination of a weakening energy outlook and the depreciating currencies are dragging on the ETFs that cover the major exporting countries. For instance, the energy sector makes up more than 40% of the portfolio in RSX. Looking ahead, observers are remain cautious over the market outlook. While President Vladimir Putin and other Russian politicians argue that the worst is over, the economy is expected to remain in a recession for the year. Investors are also expressing concern regarding one of Russia’s worst recessions in the post-Soviet era. [More Issues for Russia ETFs]

“Russian equity assets advanced as Brent crude rallied above $51 a barrel amid mounting speculation that declining U.S. output will ease a global supply glut. The world’s largest energy exporter’s economy has slumped into its first recession since 2009 as oil selling for about half its five-year average price exacerbated the impact of international sanctions linked to the Ukraine conflict,” reports Elena Popina for Bloomberg.

Investors could also be lured back to RSX and Russian stocks due to some of the emerging world’s cheapest valuations.