Foreign investors are piling back into Russian bonds, attracted by high yields and the country’s relatively strong finances compared with emerging-market peers.

Despite a heavy reliance on oil exports and tense relations with the West, investors say yields on Russian government bonds are attractive given its ability to withstand oil-price volatility. Russia marked its eighth straight week of inflows into its bonds on July 23, according to data from fund tracker EPFR Global, only outdone by China.