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The VanEck Vectors Russia ETF (RSX) is a fund that offers exposure to equities from Russia, which includes publicly-traded companies that are incorporated in Russia or that are incorporated outside of Russia but has at least 50% of their revenues/related assets in Russia.
Driver #1 - Oil
Russian energy companies form 40% of RSX's portfolio, and they are, in turn, mainly represented by oil companies. Thus, we should talk about them first.