(Bloomberg) -- Shares of a Russian aluminum giant soared the most in almost three years as the leaders of Washington and Moscow begin negotiating an end to the war in Ukraine.

United Co Rusal International’s Hong Kong-listed stock soared as much as 29% Thursday after a phone call between US President Donald Trump and Russian President Vladimir Putin. The two agreed to start negotiating an end to the war, sweeping aside three years of US policy and surprising European allies who feared the more conciliatory American stance amounted to a giveaway to the Russian leader.

Rusal is the biggest aluminum producer outside of China, turning out about 3.8 million tons of metal in 2023. Rusal accounts for more than 5% of the world’s output. Sanctions on the company in 2018 upended the global market and led to soaring prices — as well as complaints from manufacturers struggling to find the metal.

“News on Trump-Putin talks on potentially ending the Ukraine war may benefit Russian assets that have been impacted by sanctions,” said Marvin Chen, a Bloomberg Intelligence strategist.

Meanwhile, shipping stocks fell, with Mitsui OSK Lines Ltd down as much as 1.7% in Tokyo and Pacific Basin Shipping Ltd. off 7.1% in Hong Kong. Resolution of such a conflict might result in a drop in container rates, weighing on shares.

“A reduction in geopolitical tensions will definitely be a downward force on global shipping prices,” said Andrew Jackson, head of Japan equity strategy at Ortus Advisors Pte.

--With assistance from Winnie Hsu and Martin Ritchie.