Russian President Boris Yeltsin won support from influential Russian tycoons yesterday and announced he would present an anti-crisis plan at the end of the month to shore up the economy.
Following close discussions with business leaders and bankers in the wake of domestic market turmoil on Monday, the Kremlin said it was taking urgent action to contain any further adverse effects of the crisis.
The plan will be presented to parliament at the end of the month, and Kremlin spokesman Sergei Yastrzhembsky said all the country's business magnates backed the plan.
'What is noteworthy is that everyone spoke of the necessity to act together,' he said.
'I believe in the next few days, before the end of this week, we will get confirmation of this new position of the Russian financial and business community.' Russian stocks skyrocketed 12 per cent yesterday, more than recouping the previous day's losses on optimism that Group of Eight states were piecing together an emergency package to prop up the ailing rouble.
Shares on the main RTS trading system closed at 192.75, up 12.25 per cent on the new two-year low set on Monday, as traders hungry for good news feasted on upbeat signals from the United States about talks on an aid package for Russia.