Related: Russia ETFs Attract Flows Despite Sanctions

Value traders looking at Russia will have to keep in mind more short-term risks, namely a military confrontation if the U.S. is drawn into the Syria conflict and more U.S. sanctions are discussed.

Furthermore, Russian markets have been more sensitive to changes in oil prices than sanctions. For example, the market cap-weighted RSX is heavy on the energy sector at 41.4%, with Gazprom 8.3% and Lukoil 7.5% among its top holdings.

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

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