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Investing In The Russian Market: Oil ETFs Are Better Than Russia-Focused ETFs

Russian market has recently been under serious pressure due to sanctions, falling oil prices, devaluation of the ruble and weakening economy. A number of investors believe that the Russian market is cheap right now and await an oil price upside, hoping that it will provide significant upside to ETFs that focus on Russia, like the Market Vectors Russia ETF (NYSEARCA:RSX), iShares MSCI Russia Capped ETF (NYSEARCA:ERUS) and SPDR S&P Russia ETF (NYSEARCA:RBL). However, I would like to argue that investors will be better off investing in oil ETFs, like The United States Oil ETF (NYSEARCA:USO) or The United States Brent Oil ETF (NYSEARCA:BNO), if they believe in a bright future for oil…