After the rouble weakened to its lowest in nearly two months yesterday, losing 0.6 per cent to 30.5250 per dollar, a rise in crude oil prices this morning saw Russian stocks pick up again.

The commodity went above $72 per barrel for the first day in five after signs that the European central bank may step in and assist Greece with its budget deficit.

Concerns that rising deficits in Greece, Portugal and Spain might hamper economic recovery were behind last week's worst drop in three months for Russian stocks, with oil falling to a seven-week low.

Natural gas monopoly Gazprom gained 1.3 per cent to 1,601.49 roubles this morning, marking the first gain in five days after a drop of 2.1 per cent yesterday.

Shares of Sberbank, the country's biggest lender, rose 1.2 per cent to 80.25 roubles, after falling 4.6 per cent yesterday to 79.28 roubles a share – the lowest level since mid-December.

Though they represented the world's best performers last year – among over 90 indexes tracked by Bloomberg – Russian stocks have retreated on recent speculation that higher interest rates in China will lessen demand for raw materials from the fastest-growing major economy.