Economic 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.

Related: Emerging Markets ETFs Keep Bleeding Assets

“Economists forecast an L-shaped recovery for Russia, where a sharp decline is followed by a prolonged period of slow growth. For investors, this means its time to find opportunities elsewhere, according to Rudolph-Riad Younes, who sold his stake in the largest Russia-focused fund as a portfolio manager at R-Squared Capital Management LP last year after holding it since 2009,” according to Bloomberg.

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VanEck Vectors Russia ETF