A lawyer for Yevtushenkov, Vladimir Kozin, was quoted by Interfax news agency on Thursday as saying his client had been freed.
The last-minute release echoes a similar move last year, when Putin announced after his annual press conference that another tycoon, Mikhail Khodorkovsky, would be set free.
Shares in Sistema, a company that Yevtushenkov controls and manages, surged by more than 30 percent in the early hours of trading on Moscow's MICEX stock exchange.