RBL is up 1.1% today on volume that has already eclipsed the daily average. While RBL and rival Russia ETFs are rallying Monday, there are mounting signs that Western sanctions are having an impact on the Russian economy.

The International Monetary Fund, which believes Russia is already in a recession, is forecasting economic growth there of a scant 0.2% this year, reports The Guardian. The paper also noted no U.S. dollars, euros or Swiss francs were loaned to Russian firms last month as a result of the sanctions.

SPDR S&P Russia ETF

ETF Trends editorial team contributed to this post.