Russian financial markets extended gains on Tuesday after the country’s President Vladimir Putin said in a news conference that there is “no need yet” to use military force in Ukraine, taking some heat out of the exchanges between the two countries in recent days.

The benchmark Micex stock index is 5% higher Tuesday, recovering almost half the losses it suffered Monday when it closed down 11%. Gazprom, which has a large weighting on the index, was up 9% while Sberbank was 7.5% higher.