A shift in power seems to be agreeing with Russia's exchange traded funds (ETFs) and closed end funds (CEFs) this week.

Market Vectors Russia (RSX) is up 5.7% for the week, which the Central Europe and Russia CEF (CEE) is up 9.3%. SPDR S&P Emerging Europe (GUR), which contains 38% exposure to Russia, was up 4.2% this week. Could this be a sign of better things to come?

On May 7, Vladimir Putin stepped "a little to the left," as Jon Stewart says, and Dmitry Medvedev stepped in. The day of the power shift, RSX shot up 4.4%.

Russia isn't known as the warmest and fuzziest of countries, and investors seem to be turning a blind eye to certain issues, such as its recent expulsion of U.S. diplomats, threats of a war with George and political risks.

That's because in these times of soaring energy costs, Russia is becoming increasingly prized for its wealth of resources in that department. Investors who are nervous about energy's volatility and some of the risks Russia presents can diversify across several sectors with an ETF instead. RSX, for example, in addition to its heavy weighting in energy (42.6%), it also has 26.5% in industrial materials, 14.1% in financials and 12.9% in telecommunications.

The challenge for Dmitry Medvedev is going to be sustaining the economic growth, which could turn out to be a headache. Growth rates are showing signs of faltering and inflation is ticking up. Medvedev's commitment to reform is still a question mark among many Russians, and he hasn't disclosed much in the way of economic policy.