The Moscow Exchange, MICEX-RTS, is up 12 percent since the election, as measured in rubles. The S&P 500 is up 5.9 percent over that time frame, and U.S. small-caps are up about 14 percent.
Russia's economy is recovering, and oil prices should help.
"We're forecasting 1 to 2 percent growth. I wouldn't call that anything to get excited about, especially after they had a deep recession and now they have a modest growth path," Kasman said.
Paul Christopher, head global market strategist at Wells Fargo Investment Institute, said oil is a factor in Russia's stock market rally, but so is Trump.
"In general, it's an expectation that Trump will be friendlier to Putin and his leadership than (President Barack) Obama has been," said Christopher.
Christopher said he doesn't expect sanctions on Russia to be lifted. "There could be new sanctions as a result of this hacking case," he said.