“That feat, however, is in large part due to the extensive depreciation in the Russian Ruble in recent years. Thus, the MICEX, denominated in Rubles, has seen its nominal value rise to all-time highs,” according to See It Market. “Russia is unique, however, in that they also list a major stock market index denominated in U.S. dollars. The Russian Trading System Index (INDEXVIE:RTX) consists of 50 stocks on the Moscow Stock Exchange and is calculated in Dollars. This fact puts value of this Russian Stock Market Index (RTSI) at more than 50% below its 2008 all-time high.”

Russian stocks recently got a lift after President Vladimir Putin said Russia, the world’s largest energy exporter, is ready to join OPEC in limiting oil production with either a freeze or a cut, Bloomberg reports. Looking ahead, Putin hoped OPEC would agree in November to limit crude oil production and promised Russia was ready to back such a decision. Russia is the largest non-OPEC producer in the world.

OPEC recently unveiled a major production cut, one that Russia has said it will go along with, but that remains to be seen. Energy is by far the largest sector weight in RSX.

“We have seen some resource-related indices seemingly breaking above similar trendlines of late, though we’re not sure that those “breakouts” will be immediately sustainable. Similarly, we would expect that, even if the trajectory for Russian stocks is pointed higher, they may struggle at least temporarily at present levels due to the potential resistance – whichever way you look at it,” adds See It Market.