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We reiterate our BUY recommendations on Sistema-11, Severstal-13, Evraz-13 and Raspad-12, HOLD on Eurochem-12, Severstal-14, Evraz-09, MTS-10, MTS-12, Vimpelcom-10, Vimpelcom-11 and Vimpelcom-13, and affirm SELL recommendations on Evraz-15, Evraz-18, Vimpelcom-16 and Vimpelcom-18

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