While Russia’s annual CPI growth fell from 16.4 percent in April to 15.8 percent in May, economic conditions in the country and the health of its currency continue to deteriorate.

The collapse in oil prices and international economic sanctions relating to the Russia’s actions in the Ukraine continue to weigh on its economy, and investors in Russian stocks and ETFs have been feeling the pain.

Market Pain

In just the past week alone, Market Vectors Russia ETF Trust RSX 1.69% and iShares MSCI Russia Capped ETF New ERUS 2.14% were both down more than 8 percent, while Direxion Daily Russia Bull 3X Shares ETF RUSL 4.43% was down a whopping 23 percent. (Editor’s note: All three stocks were trending higher on Friday.)

Russian stocks such as Qiwi PLC QIWI 0.46% and Yandex NV YNDX 0.06% were also down more than 4 percent in the last week.

The Numbers

Annual food inflation fell…

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