Russian stocks are up 16 percent since Nov. 8, based on the performance of the RSX Van Eck Vectors Russia ETF, while the other emerging markets are down 6 percent collectively, as measured by the iShares MSCI Emerging Markets ETF EEM .

Oil's rise above $50 has helped Russia, which depends on its energy industry to remain solvent. President-elect Donald Trump is also expected to push for better relations with Moscow, which U.S. intelligence agencies say hacked into the Democratic National Committee's emails in an effort to throw the election toward Trump. Russian President Vladimir Putin denies it.

Brent crude is up 19 percent since Election Day and was trading at just under $55 per barrel Friday.



"They're obviously getting benefits both from the sense that the tensions with the West are going to go down and that they're going to have more access to markets, plus the fact that oil has gone up," said Bruce Kasman, chief global economist at JPMorgan.

"It's a double positive for them," he said, adding that an agreement to curtail oil output that OPEC reached this month with Russia and some other nonmember states should push crude prices higher.