Russian stocks experienced a significant increase on Thursday following the announcement that Presidents Vladimir Putin and Donald Trump are set to meet in the near future.

The Moscow Exchange (MOEX) Index, which monitors 40 of the largest publicly listed firms in Russia, surged over 5% by midday Moscow Time, reaching approximately 2,905 points — its highest mark in two months.

This rally represents the most substantial single-day gain since February 13, when Putin and Trump had their first phone conversation after Trump’s inauguration in January.

Energy sector stocks led the upward movement, with Gazprom shares climbing 3.65% and Novatek increasing by 5.44%.

In contrast, financial stocks struggled, affected by rising credit defaults. Sberbank’s shares saw a modest rise of just 1.43%, while VTB increased by 0.77%.

The positive momentum also spilled over into the currency markets.

The ruble gained strength against major currencies, with the yuan dropping 0.7% to 11.02 rubles, the U.S. dollar decreasing by 0.8% to 79.33 rubles, and the euro falling 0.7% to 92.81 rubles.