Supporting Russia’s outlook, market observers anticipate a more pro-Russia Trump administration may help ease tensions between two countries and support each others growth.

“Russia’s rise is no doubt directly tied to the recovery in crude oil prices. Around 64% of the country’s exports involve oil and natural gas, according to Wikipedia. Meanwhile, Turkey and South Africa bring up the rear in the rankings, due to ongoing political and economic turmoil,” according to ETF Daily News.

Further bolstering Russia-related ETFs, the ruble currency is at its strongest against the U.S. dollar in over a year due to the improved oil prices, a key Russian export. The U.S. dollar is now trading at around RUB60.9, compared to a low of RUB82.45 back in January,

Since the Russia country-specific ETFs do not hedge currency risks, a stronger RUB translates to higher USD-denominated returns.

For more information on the Russian markets, visit our Russia category.