Cramer's Russian portfolio included Mechel (MTL), Wimm-Bill-Dann Foods (WBD), Central European Distribution (CEDC), Central European Media (CETV) and CTC Media (CTCM).

He also blew it thinking that Russia’s commodity wealth would trickle all the way through to media. It did boost food and beverages through the consumer, helping Wimm-Bill-Dann and Central European Distribution. And it trickled down to infrastructure, thus the strength of Mechel, the steel maker.

Cramer's Russian portfolio included Mechel (MTL), Wimm-Bill-Dann Foods (WBD), Central European Distribution (CEDC), Central European Media (CETV) and CTC Media (CTCM).

In the interest of diversification, Cramer said both CTC and Central European Media shouldn't have been in the portfolio together to begin with. He said Central European Media is the way to play going forward.

According to Cramer, its time to cut and run with CTC Media. While he still likes the strong media story in Russia and surrounding countries, he said CTC has proven to be just too small to take advantage of the growth.