Stock markets saw sold gains on Tuesday, bouncing back from a heavy bout of selling the previous day, as Russian President Vladimir Putin quelled fears of immediate conflict in Ukraine.
Putin, speaking at a press conference in Moscow on Tuesday, said there was "no need yet" for Russia to exercise its authority, adding that he was not considering the annexation of Crimea and any force used would be a last resort. He also directly addressed Monday's heavy selling in stock markets saying that the move would only be "temporary."
Late on Tuesday, Ukrainian Prime Minister Arseny Yatseniuk said that his government and the Russian administration had begun high-level contacts on the crisis.
Russia's MICEX Index closed higher on Tuesday, surging 5.26 percent, having lost nearly $60 billion in market capitalization on Monday, ending the session down 11 percent - its worst fall in five years.
(Read our live blog: Ukraine crisis: Latest news and market reaction)
Heavily weighted Russian stocks claw backed Monday's losses with MegaFon closing higher by 2.3 percent, with both Gazprom and VTB Bank climbing roughly 8 percent.