Russian President Vladimir Putin asked parliament today to cancel a resolution sanctioning the use of military force in Ukraine, a move his Ukrainian counterpart heralded as a "practical step" toward bringing peace to a region roiled by a separatist insurgency.
Putin's announcement comes after pro-Russia rebels in eastern Ukraine said yesterday they would respect a cease-fire declared by Ukrainian President Petro Poroshenko, raising hopes for an end to months of fighting that have killed hundreds and driven thousands from their homes.
A statement on the Kremlin website announced that Putin had asked the head of Russia's upper house of parliament to cancel his March 1 request authorising the use of force on Ukrainian territory.
Russian parliament member Valery Shnyakin said the house would vote tomorrow on the issue, according to RIA Novosti.
Russian markets, which have been rattled by the crisis in Ukraine and a host of sanctions by the US and the European Union against Russian officials and businessmen, soared 1.6 per cent today after the news, reaching a four-month high.
The Russian leader had made the request after Ukraine's pro-Russian president was ousted in February following months of street protests. In March, Ukraine's Black Sea region of Crimea was annexed by Russia after being seized by troops that Putin later acknowledged were Russian army forces.
Putin's latest move reflects an effort to de-escalate the crisis ahead of a visit today to Vienna, where he is meeting with officials from the Organisation for Security and Co-operation who have helped broker peace talks between Kiev and Moscow.
Kiev and Western governments have frequently accused Russia of supporting the rebels in the east and of amassing troops on the border for a possible invasion of Ukraine. But Poroshenko, Ukraine's new president, lauded Putin's announcement.
The cease-fire in east Ukraine appeared to be largely holding today, as soldiers at a checkpoint in Dovhenke, 50 kilometres north of the rebel stronghold of Slovyansk, were seen relaxing near the barricades or engaging in shooting drills.
