According to Cramer, the way to play the newly ignited Russian economy is with steelmaker Mechel (MTL), one of the "one of the best international steel plays around." He said the company is seeing strong demand not only from inside Russia, but also from China and the Middle East.

WBD fits that bill: The company currently commands a 34% marketshare of dairy products in Russia and is the No. 2 producer of baby foods and No. 3 producer of juice products in the country. Cramer says it still has plenty of room to grow as most of Russia is still underpenetrated with the company's offerings. He cited an article in Tuesday's Wall Street Journal, which speculated that food giant Nestle may be a potential acquirer of WBD. "This company is a legitimate takeover target," he said. Cramer also took note of WBD's low valuation. The company currently trades at only 18.5 times its forward earnings, but has a 35% long-term growth rate.

The best way to play that market is CTC Media (CTCM), the fourth largest television broadcaster in Russia, according to Cramer. CTC Media, he says, owns 32 TV stations and is aggressively growing through acquisitions, taking advantage of cost savings along the way. The broadcasting company commands 11.8% of the national audience in Russia, and many of its stations enjoy strong ratings. Cramer notes CTC Media's current valuation as another reason to own the company. CTC has a 30% long-term growth rate, but trades at just 18 times expected 2008 earnings.

CED is also the largest beverage distributor in both Poland and Hungary and is making a successful push into the Russian vodka market. Cramer says now is the time to invest in CED since it's still early in the company's story. He notes that none of the seven analysts who cover the stock are from a major bank, making the stock virtually invisible to Wall Street. "Hardly anyone knows about this company," he said. The company currently trades at 22 times expected 2009 earnings, but sports a 24% long-term growth rate. "This stock is going a lot higher once people sit up and take notice," he said.

CETV is up 61% since he first recommended it on Nov. 29, 2005. Cramer is reiterating his buy, citing the company's stellar fourth-quarter results, in which it posted a 41% increase in revenues. The company trades at just 16.8 times expected earnings, but has a long-term growth rate of 31%. "I call a stock cheap when the company has good fundamentals and it trades at a multiple below its growth rate," said Cramer. "Get into CETV while it's cheap," he continued.