Russian Bond ETFs & Funds with Russia Exposure List 2026

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1. What Does “Russia Exposure” Mean in 2026?

In the context of investing, “Russia exposure” refers to the percentage of a fund’s or portfolio’s assets that are invested in Russian stocks, bonds, or other financial instruments. In 2026, this term carries significant geopolitical and financial weight due to the ongoing war in Ukraine, sweeping international sanctions, and the freezing of hundreds of billions of dollars in Russian assets.

Following Russia’s invasion of Ukraine in February 2022, many international investors scrambled to reduce or eliminate their Russia exposure. Today, in mid-2026, the situation has evolved dramatically. According to the EU and G7, approximately €300 billion in Russian assets have been frozen, with roughly €180 billion held in Belgium’s Euroclear depositary. In May 2026, a court upheld the Bank of Russia’s claim to recover 18.2 trillion rubles from Euroclear, while Euroclear has filed a counterclaim against the Bank of Russia.

The 20th EU sanctions package was adopted on 23 April 2026, adding 117 new listings (37 individuals and 80 entities) and further restricting the Russian financial system. Understanding which funds still have Russia exposure — and the risks involved — is essential for any investor navigating today’s complex geopolitical landscape.

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2. The Current State of Russian Assets (2026 Update)

Since the invasion, the Russian financial system has been under intense pressure. According to recent data, the Russian stock market has experienced a catastrophic crash, a partial recovery, and then a new slide that has erased most of the intermediate gains. The Russian economy ministry has cut its GDP growth forecast for 2026 to just 0.4% — the weakest outlook since 2022.

Frozen Russian Assets — What Investors Need to Know

The freezing of Russian assets has been one of the most significant financial developments of the conflict. The EU and G7 have frozen approximately €300 billion in Russian assets, of which around €180 billion are held in Euroclear. This has created legal battles: in May 2026, a court ruled in favour of the Bank of Russia’s claim against Euroclear for 18.2 trillion rubles, while Euroclear has filed a counterclaim. For investors in funds with Russia exposure, these freezes mean that access to assets may be restricted, and the value of holdings may be impaired.

Sanctions Impact on Russian Funds

The sanctions regime has evolved significantly. The 20th EU sanctions package, adopted on 23 April 2026, added 117 new listings (37 individuals and 80 entities) to the sanctions list, resulting in asset freezes and travel bans. These sanctions have made it increasingly difficult for international investors to trade Russian assets, and many funds have been forced to suspend trading or write down their holdings.

Russian Stock Market Performance 2026

After four and a half years of war, the Russian stock market remains highly volatile. The Russian economy ministry has lowered its GDP growth forecast to 0.4% for 2026, reflecting the ongoing economic strain. The banking sector has been particularly affected, with state banks declining in value. The combination of falling indices, rising military expenditures, and persistent inflation has created a challenging environment for investors.

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3. Russian Bond ETFs — Complete List

Despite the challenges, a number of Russian bond ETFs continue to trade in 2026. The table below lists the key funds, their tickers, focus areas, and current status.

📌 All information is current as of July 2026. Trading status may vary by broker and jurisdiction.

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4. Russian Stock Funds — Complete List

Russian equity funds have been significantly impacted by sanctions and delistings. The table below provides an overview of the key Russian stock funds and their current status.

📌 Many international funds have suspended trading or written down their Russian equity holdings. Investors should check with their broker for the latest information.

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5. Russian Corporate Bonds Funds

In addition to ETFs, several mutual funds and institutional vehicles focus on Russian corporate bonds. These funds offer exposure to the Russian corporate debt market, which has been affected by sanctions and economic pressures.

📌 Corporate bond funds carry significant credit and liquidity risks, especially in the current geopolitical environment.

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6. How Sanctions Have Changed Russia Exposure Investing

The sanctions regime has fundamentally altered the landscape for Russia exposure investing. The table below summarises the key impacts.

📌 Investors should stay informed about the evolving sanctions landscape and its impact on their investments.

Asset Freezes and Frozen Funds

The freezing of Russian assets has been a key tool of international sanctions. Approximately €300 billion in Russian assets have been frozen by the EU and G7, with €180 billion held in Euroclear. This has created significant legal and operational challenges for investors. In May 2026, a court ruled in favour of the Bank of Russia’s claim to recover 18.2 trillion rubles from Euroclear, while Euroclear has filed a counterclaim. These developments highlight the legal uncertainty surrounding Russian assets.

Delistings and Trading Suspensions

Many Russian stocks have been delisted from international exchanges, and trading in Russian securities has been suspended or restricted. This has made it difficult for investors to buy or sell Russian assets, and many funds have been forced to write down their holdings. Investors should check with their broker for the latest information on trading status.

What Investors Should Consider in 2026

Investors considering Russia exposure in 2026 should weigh the following factors:

• Geopolitical risk: The war in Ukraine continues, and further sanctions are possible.
• Asset freeze risk: Russian assets may be frozen or restricted.
• Liquidity risk: Trading in Russian securities may be limited.
• Currency risk: The ruble remains volatile.
• Economic risk: The Russian economy is under significant strain, with GDP growth forecast at just 0.4% in 2026.

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7. Russia Exposure Funds — Key Risks

Investing in funds with Russia exposure carries significant risks. The table below outlines the key risks and potential mitigations.

📌 These risks are significant and should be carefully considered before investing in any fund with Russia exposure.

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8. Frequently Asked Questions

Which funds have Russia exposure in 2026?

Several funds still have Russia exposure, including FinEx Russian Corporate Bonds UCITS ETF (RUSB), ITI Funds Russia-Focused USD Eurobond UCITS ETF, and Russian domestic ETFs like ДОХОДЪ Сбондс. However, many have restricted trading or been affected by sanctions.

What happened to Russian assets in 2026?

The EU and G7 have frozen approximately €300 billion in Russian assets, with around €180 billion held in Euroclear. In May 2026, a court upheld the Bank of Russia’s claim to recover 18.2 trillion rubles from Euroclear.

What are the Russian bond ETFs available in 2026?

Available Russian bond ETFs include FinEx Russian Corporate Bonds UCITS ETF (RUSB), ITI Funds Russia-Focused USD Eurobond UCITS ETF, and several domestic Russian ETFs like ДОХОДЪ Сбондс and Т-Капитал ОФЗ.

How have sanctions affected Russian funds?

Sanctions have led to asset freezes, trading restrictions, and delistings. The EU has adopted 20 sanctions packages as of April 2026, with 117 additional listings in the latest package.

Are Russian stocks still traded in 2026?

Some Russian stocks continue to trade on the Moscow Exchange, but many have been delisted from international exchanges. Trading volumes and liquidity are significantly reduced.

What is the current state of the Russian stock market?

After four and a half years of war, the Russian stock market has experienced a catastrophic crash, partial recovery, and now a new slide that has erased most of the gains in between. The Russian economy ministry has cut GDP growth forecast to 0.4% for 2026.

What are the risks of investing in Russian funds?

Key risks include asset freezes, liquidity restrictions, currency volatility, geopolitical uncertainty, delistings, and economic downturn. Russian GDP growth is forecast at just 0.4% in 2026.

Is the VanEck Russia ETF still available?

The VanEck Russia ETF has been subject to trading restrictions and may not be available to all investors. Check with your broker for current trading status.

What is the 20th EU sanctions package?

The EU adopted its 20th sanctions package against Russia on 23 April 2026, containing 117 additional listings (37 individuals and 80 entities), resulting in asset freezes and travel bans.

What should investors consider before investing in Russian funds in 2026?

Investors should carefully consider the high geopolitical risk, asset freeze risks, liquidity constraints, and the deteriorating Russian economic outlook. Diversification and professional advice are strongly recommended.

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