The main Micex index gained 3.5%, while Russian gas giant Gazprom saw its highest jump since June, rising 3.3%.

 

The Russian rouble also surged, up 1.6% against the dollar to 36.86roubles.

 

The figures come after Ukranian president Petro Poroshenko announced he had agreed a "ceasefire process" with President Putin.

 

A spokesperson for the Russian President denied that a deal had been made, saying that Russia was not a party to the conflict. 

 

The Kremlin later said that steps towards peace had been made.

 

The Russian rouble has fallen 11% against the dollar this year. Last week, the currency hit its lowest rate since it was restructured in 1998.

 

Analysts¹ welcomed Wednesday's rise in the currency.

 

"It doesn't mean that Ukraine crisis is over, but it is a step in the right direction," said James Butterfill, global equity² strategist at Coutts bank.

 

"It reduces some uncertainty³ and suggests that investors⁴ will have one less tail risk to deal with."

 

Preliminary GDP data released last month showed the Russian economy growing at an annual rate of 0.8% in the second quarter of 2014, compared with 0.9% between January and March.

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