The Russian ruble rose on Monday, offsetting earlier losses, and the underlying Moscow Exchange stock index climbed to levels last seen before Russia sent thousands of troops into Ukraine as markets await a new round of talks between Moscow and Kiev.

Investors have been keeping an eye on developments around the special military operation in Ukraine that began on Feb. 24, as well as the risks of new Western sanctions against Moscow on top of the unprecedented penalties already in place.

The ruble has been supported in recent weeks by capital controls and President Vladimir Putin's demand that European consumers of Russian natural gas pay for it in rubles.

But Europe has vowed to unite against Moscow's demands as the threat of an imminent supply cut has abated.

The ruble is expected to remain in the range of 80-90 per dollar over the next two weeks.