Russian stocks continued rebounding Monday, sending the Direxion Daily Russia Bull 3X ETF (NYSEArca: RUSL) higher by more than 2% and extending the bullish leveraged Russia exchange traded fund’s gain over the past month to about 19%.

RUSL tries to deliver triple the daily returns of the MVIS Russia Index (MVRSXTR). The Direxion Daily Russia Bear 3X ETF (NYSEArca: RUSS) attempts to deliver triple the daily inverse returns of that benchmark.

Russia poses an interesting opportunity due to its price relative to its fundamental valuation, making it an attractive option for value investing–a case for RUSL. Then again, the ramifications of US sanctions can rear its ugly head, which makes the case for RUSS. Rising oil prices have been helping the bullish RUSL.

“U.S. sanctions on Iran seem to have a real impact on the demand/supply balance, and I guess that many market participants who were shorting the top at ~$80 per barrel were caught off guard,” according to Seeking Alpha.

Additional Catalysts for Russian Equities

Other fundamental factors bode well for more near-term upside in Russian equities, which could mean RUSL adds to its recent upside.

Russian crude oil producers have also seen revenue from rising oil magnified due to the weakening ruble currency as crude oil is priced in U.S. dollars, which helped industry achieve record-breaking revenue and shrink debts.

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