BERLIN — The turmoil in the Russian economy appears to be encouraging Moscow to seek compromise in the crisis over Ukraine, although President Vladimir V. Putin has proved so erratic in past months that Western leaders are wary of proclaiming progress, officials and analysts said Wednesday.

On Sunday and again on Tuesday night — after days in which the ruble gyrated wildly, raising the possibility of a broader financial crisis that could saddle Mr. Putin with deeper economic and political problems — the Russian president spoke by phone with his Ukrainian, German and French counterparts. Statements released afterward in all four capitals talked of moving quickly to cement a cease-fire broadly observed since last week in eastern Ukraine.

Mr. Putin may make his intentions clearer at his annual news conference on Thursday. European leaders will meet later Thursday and Friday in Brussels amid growing indications that pro-Russian separatists and Ukrainians could meet Sunday or Monday for talks under European auspices.

One wild card is the threat by the United States to move ahead with a new round of sanctions against Russia.