MBT is a solid Russia play, I've made some nice money in it. But if you want to venture into the Russian oil, try TNT. Since oil price is a bit lower these days (mostly due to warm weather in the continental US) now is the great time to load up on the stock. Cold temps will be here soon, and TNT will jump big time. If you are into fundamentals, too bad Yahoo screwed up again - it mixes Russian TNT figures with the Dutch TNT!
Another intriguing Russian play is MTL. I just started working on this stock. Seems like now is the best opportunity to invest. At its current valuations I rate the stock Strong Buy. Notice a very nice div.yield there!
Russian stox to avoid: WBD & ROS. Of course, unless you are into gambling! :)