Further, Bloomberg wrote, "The ruble led developing currencies higher as reports Russia is returning some troops to their bases stoked appetite for riskier assets and dimmed the appeal of haven trades."

However, Ukrainian officials remain skeptical that a significant troop reduction is in progress: "Russia constantly makes various statements," Ukrainian Foreign Minister Dmytro Kuleba said. "That's why we have the rule: We won't believe when we hear, we'll believe when we see. When we see troops pulling out, we'll believe in de-escalation." Perhaps anticipating such skepticism, Russia's defense ministry has published a series of clips it says shows tanks and troop units returning to their permanent military bases.

Spokesman for the ministry, Major General Igor Konashenkov, made a televised formal announcement of the completion of key military exercises in the South, which were held near Ukraine and in Crimea.

"The units of the Southern Military District that have completed accomplishing their tasks as part of scheduled tactical exercises at combined arms practice ranges on the Crimean Peninsula have begun returning to their permanent bases," he said according a translation in TASS. "The personnel of battalion tactical groups have conducted marches to the areas of railway stations where operations to load combat equipment on special platforms have been organized."

The press statement underscored that tank units, heavy artillery, and other major hardware are now en route back to their permanent bases. "The troops are now fastening heavy tracked armor, such as tanks, infantry fighting vehicles and self-propelled artillery guns."

The statement continued, "The special trains will deliver the military hardware to the regions where the troops are permanently stationed, in particular, in Dagestan and North Ossetia. Upon arrival at their permanent bases, the troops will carry out maintenance of their equipment, the press office specified."

Elsewhere in Russian state media, footage was featured purporting to show the continuing withdraw of tank units from near Ukraine's border...