Trade volumes were low, with local investors expected to stay on the sidelines and foreign players wary of taking new positions.

After posting its worst returns in 2011 since the credit crisis of 2008, the stock market outperformed other emerging shares, with the dollar-based RTS index and its rouble-traded peer MICEX both rising more than 2 percent.

"For the Russian market news from commodity market could become the priority," analysts at Alor brokerage said in a note, adding that oil prices at around $110 per barrel favour opening long positions in energy shares.

Shares in the country's No.1 gas producer Gazprom rose 1.27 percent, while shares in the largest crude producer Rosneft were up 2.1 percent.

By 0937 GMT, the rouble gained 0.89 percent to 31.86 versus the dollar and strengthened 0.74 percent to 41.43 against the euro.

"Trade will be very light," said Andrey Mishko, a dealer at Nomos bank said. "Foreign markets must lend support to the rouble, but we can't rule out (exchange rate) fluctuations due to the low liquidity."

"Activity will inevitably be low as most domestic investors will stay away and prices will move to reflect the trend in global markets and in the GDR/ADR markets (open for normal business)," said Chris Weafer, chief strategist with Troika Dialog, in a research note. "(State and corporate) newsflow from Russia is expected to be very light this week."

Weafer said new legislation to create a domestic central depositary, and changes allowing foreign investors to be allowed open accounts at that depositary in July "has the potential to be a game-changer for Moscow as it will open up the local share market to a significantly bigger pool of global big money funds".