Last updated 11:01 GMT

Moscow - Russia's Interfax news agency cited Russia's defence ministry, announcing that some troops in Russia's military districts adjacent to Ukraine are returning to their bases after completing drills.

Major General Igor Konashenkov, the chief spokesperson for the ministry, delivered the news in a video released by military chiefs on Tuesday.

Russia's defence ministry has also published official footage showing a number of its tanks and armoured vehicles leaving the area near the Ukrainian border.

In a fiery statement on Tuesday, Foreign Ministry spokeswoman Maria Zakharova poured scorn on weeks of reports and claims from US and European officials that Moscow’s armed forces could be just hours away from launching a strike against its neighbor.

While large-scale drills across the country continued, some units of the Southern and Western military districts had completed their exercises and started returning to base.

Russia began conducting the joint “Union Resolve” drills with Belarus last week, and they are scheduled to last until February 20. According to a statement from Moscow, the exercises are designed to test and develop the two nations’ abilities to “halt and repel foreign aggression” and will involve ground forces, heavy equipment such as tanks, and air force maneuvers.

Ukraine's Foreign Minister Dmytro Kuleba said Kyiv would only believe that Russia was moving to de-escalate the situation if it saw for itself that Russian troops were being pulled back as reported by Reuters.

The reports counter warnings from the United States and Britain that Russia may be poised to invade Ukraine at any time.

The news has prompted a sharp rally on financial markets which had seen a sharp dip since the last few days. Oil prices on a seven-year high, came down nearly 2.5% this morning to $94.10 a barrel.
-RT/Reuters/BBC