Russian stocks have seen wild swings as the market reopened for limited trading after being shut down for a month, and the Australian market has risen to a two month high.
Stock trading was suspended in late February after President Vladimir Putin invaded Ukraine and the Russian market fell by more than one-third in a day.
The Moscow stock exchange resumed trading overnight for four hours in 33 Russian stocks including oil and gas giant Gazprom and Sberbank.
The MOEX Russian index soared more than 10 per cent.
It closed up 4.4 per cent to 2,579, with energy and mining stocks driving the gains.
Bloomberg reported the fortunes of Russian tycoons linked to the top 33 companies jumped $US2.7 billion.
But the Russian market is still down by nearly 30 per cent since the invasion of Ukraine.
Stocks have not traded since February 25, the day after the invasion.
Short selling on bonds is banned. And foreign investors will not be able to sell stocks or OFZ rouble bonds until April 1.
Oil firms Rosneft and Lukoil jumped, while aluminium firm Rusal and Norilsk Nickel also increased.
Airline Aeroflot fell 16.4 per cent.
The Moscow Exchange will restart limited trading in more stocks, bonds and Eurobonds tonight, but trading in Russian companies on the London Stock Exchange remains suspended.
The White House said the reopening of the market was a “charade”.
“This is not a real market and not a sustainable model — which only underscored Russia’s isolation from the global financial system,” deputy White House national security adviser Daleep Singh said.
The reaction to the invasion sent the Russian rouble tumbling and saw sanctions imposed by Western countries and companies.
The rouble rose 6.2 per cent to 94.75 against the greenback overnight.
It has fallen by 20 per cent this year.
Russia to sell gas in roubles
German chancellor Olaf Scholz, Italian premier Mario Draghi and other European Union leaders told Russia to honour payments for gas exports stated in the contract, usually US dollars or euros.
Gas prices jumped after Mr Putin ordered the Russian central bank to prepare measures to force some buyers to make rouble payments for natural gas within a week.
The EU is planning measures to wean itself off Russian energy.
Russia supplies about 40 per cent of Europe’s gas and 60 per cent of its oil.
Latvia’s prime minister said energy sanctions were a serious option that the EU should consider.
But Belgium’s Prime Minister said oil and gas sanctions on Russia would have a “devastating impact on the European economy and I don’t think it’s necessary.”
Mr Scholz said ending dependence on Russian oil, coal and gas “from one day to the next would mean plunging our country and all of Europe into recession.”
European gas prices fell as the US promised to supply more LNG to the EU.
Brent crude fell 3 per cent overnight to $US117.89 as investors faced the prospect of higher trading costs on major exchanges, according to ANZ, with traders required to deposit more collateral.
Spot gold rose nearly 1 per cent to $US1,961 an ounce.
Iron ore prices increased nearly 2 per cent to $US150.75 a tonne.