An exchange traded fund tracking Russian stocks rose more than 2% at Monday’s open after suffering its first weekly loss of 2012.

Market Vectors Russia ETF (NYSEArca: RSX), a U.S.-traded fund that holds Russian shares, declined for the first week this year as concern Greece will derail Europe’s debt-crisis recovery cut prices for oil and other commodities,” Bloomberg reports.

The $2 billion fund fell nearly 4% last week. [ETF Chart of the Day: Russia]

Russia is a component of the so-called BRIC countries, and ETFs tracking the category have been leading emerging markets so far this year. [BRIC ETFs Rally]

The Russia ETF fell 30% last year, its largest decline since the 74% meltdown in 2008, according to the article.