Russia's markets have climbed sharply after President Vladimir Putin urged the postponement of a referendum on separate status for Ukraine's Russian-speaking regions and cautiously backed presidential polls.
The MICEX stock index climbed 3.45 percent on Wednesday while the RTS index rose 4.52 percent at about 1420 GMT.
The ruble also rose sharply against the euro and the dollar, with the euro worth 48.78 rubles and the dollar worth 35.03 rubles.
The Ukraine conflict with its recurrent threat of military intervention by Moscow caused the West to impose targeted sanctions and has led to massive capital flight from Russia.
The ruble has fallen to levels last seen during the 2008 global financial crisis.
In early March ahead of the referendum in Crimea on joining Russia, the euro reached a peak value of 51.20 rubles and the dollar rose to 37 rubles.
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