The ruble and Russian stocks surged today following a phone conversation between U.S. President Donald Trump and Russian President Vladimir Putin, during which the two leaders discussed ways to end the war in Ukraine.

At 12:00 PM (Greek time), the ruble rose 3.4% against the U.S. dollar, marking its highest level since September 2024, according to data from the over-the-counter market.

The Moscow Exchange Index (MOEX) climbed 5.8% yesterday and 6.1% today.

“The moment investors have been waiting for has arrived. The next step toward easing geopolitical tensions,” commented analysts at Sinara. The Russian stock market has gained 11.5% since the beginning of the year.