Sibirtelecom, AFI Lead Recovery

The MICEX Index gained for the first time in six days, adding 1.2 percent to 1,655.66 on Wednesday as 23 stocks advanced, six retreated and one was unchanged. The dollar-denominated RTS Index increased 1.2 percent to 2,042.38.

AFI Development, the real estate company controlled by Israeli billionaire Lev Leviev, rose 5.1 percent to $8.30 in London trading, the most since Feb. 14. Morgan Stanley wrote in a note that it has a "preference" for Russian real estate companies over their counterparts in Eastern Europe because of Russia's "relatively insulated GDP growth."

The brokerage has an "overweight" recommendation and price estimate of $12.30 on the stock.

Sibirtelecom climbed 2.5 percent to 1.951 rubles, its biggest gain in 16 days. Goldman Sachs raised its recommendation on the Siberian telephone provider to "neutral" from "sell," saying Russian telecommunications stocks have fallen too far without justification. Sibirtelecom has dropped 31 percent this year, compared with a 13 percent retreat for the MICEX index.

Sistema advanced 3.1 percent to $36.60 in London, its sharpest advance since Feb. 12.

JPMorgan boosted its price estimate 53 percent to $59 for shares of the holding company of billionaire Vladimir Yevtushenkov, saying investors are "ignoring" the value of Sistema's nontelecom assets.

Oil pipeline monopoly Transneft fell for an eighth day, slipping 1.1 percent to 31,290.76 rubles.