On Tuesday morning, Russia’s stock market experienced an increase of over 1%, following U.S. President Donald Trump’s warning of potential 100% tariffs on Russian energy buyers unless the Kremlin agrees to a peace settlement in Ukraine within the next 50 days.

This rise came on top of a 2.7% surge in the Moscow Exchange (MOEX) observed after trading hours on Monday in response to Trump’s announcement, which also aided the ruble’s recovery against the dollar and provided a slight boost against the Chinese yuan.

By 10 a.m. Moscow time on Tuesday, the MOEX Index had risen by 1.18%, reaching 2,746 points, while the RTS Index, which is dollar-denominated, increased by 1.2%, hitting 1,104.

Prominent contributors to the market rally included shares of Polyus, a gold mining company, shipping leader Sovcomflot, state-run bank VTB, and MD Medical Group, a healthcare provider, all of which gained about 1.8%.

The ruble appreciated by 0.24% against the U.S. dollar, settling at 77.91, and also saw a slight improvement against the yuan, now the most traded foreign currency in Russia, at 10.87.

According to Vasily Karpunin, chief analyst at the investment unit of Alfa Bank, Trump’s 50-day window for potential secondary sanctions shifts “geopolitical risks” into September.

“Trump has not met market expectations,” stated Invest Era analyst Artyom Nikolayev in a Reuters interview. “Additionally, he has a tendency to delay and extend such deadlines.”

Trump has expressed increasing dissatisfaction with Russian President Vladimir Putin, especially as Russian forces have intensified their air assaults on Ukraine recently, contrary to Western calls for a ceasefire.