Russian stock markets rallied sharply on Thursday after President Donald Trump and Russian leader Vladimir Putin held an hour-long call about ending the Ukraine war.
The key Moscow Exchange index climbed nearly 6% to 3,306 points, extending its recovery from December lows. Russian energy stocks led the advance, with state giant Gazprom adding 7.58% after posting strong gains the previous day.
The dollar-based RTS index, tracking Russia’s 50 most-traded stocks, leaped 9.51% to 1,109 points, marking a significant rebound from its mid-December bottom of 727 points.
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The market rally followed Wednesday’s “lengthy” conversation between Trump and Putin, which occurred before Trump spoke with Ukrainian President Volodymyr Zelenskyy. Trump later posted on Truth Social that the leaders planned to “work together very closely” and arrange mutual visits.
European leaders expressed alarm at the bilateral discussions. “If there is an agreement made behind our backs, it will simply not work,” said Kaja Kallas, European Commission spokesperson, insisting on EU participation in any peace talks.
Zelenskyy later confirmed speaking with Trump, writing in a statement: “No one wants peace more than Ukraine. Together with the US, we are charting our next steps to stop Russian aggression.”
Russian officials welcomed the development. “The position of the current administration is much more appealing,” said Dmitry Peskov, Putin’s spokesman. Russian state media characterized the call as a setback for Zelenskyy.
Peace prospects remain uncertain, with Moscow and Kyiv deeply divided over issues like Russian territorial gains and Ukraine’s NATO aspirations.
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