In less than an hour of trading on Friday morning, the Micex index rose 17.7%, while the RTS climbed by 13.9%.

On Thursday, with trading suspended because of big falls, the Russian government injected billions of dollars into the country's three largest banks.

Markets in Asia also rallied strongly after news of a US rescue plan emerged.

On Thursday, US officials said they were negotiating with Congress on a comprehensive plan to rid banks of the bad debts that are at the "root" of the devastating global financial crisis.

Afterwards, both Republicans and Democrats suggested an agreement was close.

BBC