I would like to invest in Russia and eastern europe.What do you recommend?

There is a stock listed on the NYSE called CEE- Central Europe and Russia Fund CEE,It's managed by Deutsche Bank.What does anyone think of this stock/fund?Should I invest $30,000-$40,000 in this stock?

Mutual fund is the way to go. A lot of Russia and eastern europe stocks are not listed in US market.

My recommendation is EUROX. It does hold Lukoil Company, Gazprom as mentioned by others. Top performers in 5 years. High morning star ratings...

Of course, there are others funds. Here is the yahoo pages for more ideas:
http://biz.yahoo.com/p/tops/es.html

Invest in oil/energy corporations from Russia. They have a huge supply of oil in Siberia and other parts of Russia and it is one of the least tapped resources. Once the world finds the Russian oil and starts to use it, the price will go sky high.

MTL is one of the largest Russian steel producers.
But if 30-40k is more than 2% of your investible assets (you have under $1mm total in the market) then you should invest in a russian/eastern europe mutual fund instead - one company is too risky.

Check out MBT on the NYSE. Mobile Telesystems Ojsc is selling for about $65 while going for around $30 this time last year. Another on the NYSE is Vimpel Communications (VIP), which is around $111 recently and about $30 this time last year.

Of course there is Gazprom (OGZD.LI--not a US stock listing), Rosneft Oil (ROSN.LI), etc. Check out a rather recent ETF whose symbol is RSX, Market Vectors Russia. They have an assortment that includes oil and metals and from gold to groceries.

The fund mentioned above..EUROX.. has made me 156% since May of 2004. Can't argue with that...at least for part of your investment plan !!
...but I never would recommend putting all your investment into one area.. maybe half and look for something totally " non-energy" for the rest.( EUROX= heavy energy)
...look into XME...an ETF in mining and metals ( world boom in building right now)

Play it safe. Go for a cd that offers very high returns and is guaranteed by the government.

Invest in oil or real estate..
Everyone is investing in Russia now .
Do your "homework" and you'll now that its the place to invest.