Russian Stock Market offers discounted valuation among emerging markets.

After a look to BRIC country's valuation based on PE ratio, Russia is the cheapest among them. Russia 12, China 14, India 18, Brazil 13. But PE ratio in Russia vary significantly in sectors. Telecommunication, financial with 20 after many many acquisitions and IPOs. Investors like them also because of low share to GDP comparing others developed countries. Those sectors are with dynamic growth. Materials, energy and oil & gas stay with lower P/E valuation. As they are highly dependent on government interventions and commodities prices.

Purely Russia focused ETF on NYSE is RSX. On French stock market ETF Russia (FR0010326140) is issued by Lyxor. EUWAX offers almost hundred investment certificates for Russian index RDX.