“I think it makes more sense for them to wait,” Ivan Tchakarov, chief economist for Russia and the CIS at Renaissance Capital in Moscow, said in the report. “They could have cut the repo rate again if this global deterioration that started a couple of months ago continued. But over the past two weeks, things seem to have normalized a bit.”

Analysts ponder that the Russian rouble is so weak right now, that any rate change could cause a currency flight and cause the currency to feel the pressure. Any major stress initiated by the Eurozone debt crisis is risky for the country, as it would cause a drop in the price of oil, and compel the Central Bank of Russia to raise rates in defense. [Russia ETFs Follow Crude Prices Higher]

More Russian ETFs enjoying the rally:

  • iShares MSCI Russia Capped Index Fund (NYSEArca: ERUS)
  • SPDR S&P Russia ETF (NYSEArca: RBL)

Market Vectors Russia

Tisha Guerrero contributed to this article.