Putin Seen Playing for Time in Sign Bond Rally to Fade

Russia’s support for a cease-fire in Ukraine, which sparked the biggest plunge in bond yields in four months, is aimed at dodging deeper sanctions and the rally is at risk of evaporating, Aberdeen Asset Management Plc said.

The ruble and stocks posted the steepest gains in the world and local-currency bonds topped returns in emerging markets yesterday as President Vladimir Putin and his Ukrainian counterpart Petro Poroshenko said they agreed on steps toward a truce. The accord came as the European Union prepared to expand penalties on Russia that have driven the economy toward recession, while NATO leaders gather at a summit in Wales.