Alternatives to RSX, the largest Russia ETF trading in the U.S., include the iShares MSCI Russia Capped ETF (NYSEArca: ERUS), SPDR S&P Russia ETF (NYSEArca: RBL) and the VanEck Vectors Russia Small-Cap ETF (NYSEArca: RSXJ).

Oil prices have rallied as growing economies devour raw materials to fuel their growth and recent plans to cut production from the oil cartel, the Organization of Petroleum Exporting Countries, along with other non-OPEC members.

Crude oil has played a significant role in Russian markets as many state-owned oil producers rank among the largest holdings among Russian country-specific ETFs.

President Donald Trump has acted more friendly toward Russia and Russian president Vladimir Putin. Consequently, market observers are speculating that the Trump administration could be more willing to roll back sanctions placed on Russia.

“There is perhaps no trade more political right now than the Russian trade, said BK Asset Management’s managing director of foreign exchange strategy Boris Schlossberg. Russian equities would only look attractive here should a perfect storm of warming U.S.-Russia political relations, a thawing trade embargo and strong crude oil strike,” according to CNBC.