Self-proclaimed rebel leaders in the flashpoint towns of Slavyansk and Donetsk were poised to brief reporters after Putin said the referendums planned for Sunday should be put off to allow negotiations to take place.
In a stunning about-turn, Putin late yesterday also welcomed the holding of a presidential election in Ukraine on May 25 -- something the Kremlin had dismissed as "absurd" only two days previously.
Putin also said his troops had withdrawn from the border with Ukraine, although NATO and the United States said they had seen no sign of that.
Putin's proposals offered the first glimmer of hope in weeks that the seemingly inexorable decline into war might be averted, but they sparked mixed reactions from a sceptical West.
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German Foreign Minister Frank-Walter Steinmeier welcomed the "constructive tone" of Putin's comments, which came after the Kremlin strongman met with Swiss President and OSCE chief Didier Burkhalter. The Russian stockmarket and ruble soared after weeks of losses.
The Ukrainian foreign ministry issued a statement on Thursday saying any plebiscite in Ukraine without consultation with the Kiev authorities was "senseless and unacceptable".
"Any so-called 'terrorist referendums' in the east of our country are illegal by definition. Thus, an appeal to 'postpone' them is just a mockery and by no means a sign of goodwill," said Kiev.