Russian President Vladimir Putin offered last week to draw a line under the controversial privatisations of the 1990s, in a major concession to business leaders shaken by the state's breakup of oil major Yukos.
Mr Putin, at a rare Kremlin meeting with captains of Russian industry, backed a proposal that privatisations which took place more than three years ago should be exempted from judicial investigation.
The move would put in the clear the two dozen Russian "oligarchs" who acquired vast wealth in the chaos which followed the break-up of the Soviet Union.
In 1995-96, businessmen loaned money to a cash-strapped Kremlin which pledged shares in state companies in return. The money was never repaid, enabling the businessmen later to snap up huge swathes of Russian industry at bargain basement prices.
"I think it is possible to support shortening the statute of limitations on privatisation deals from 10 years to three years," Mr Putin said.
"This will help the business community... draw up promising investment plans. I hope this will reassure entrepreneurs over guarantees of property rights."
Business confidence has been badly shaken by the state's break-up of Yukos and trial of its ex-CEO Mikhail Khodorkovsky on fraud and tax evasion charges linked to the 1994 privatisation of a fertiliser company.
Analysts hailed Mr Putin's announcement, saying it could signal an end to his testy relations with big business and open the way to a less troubled spell of investment-driven growth.
"It's a huge signal that the Yukos affair is behind us and won't be repeated," said Christopher Granville, chief strategist at United Financial Group. Ironically, Mr Khodorkovsky might never have gone on trial last June if the statute of limitations on privatisation had been shortened earlier.
He faces 10 years in jail if convicted. The Moscow court hearing the case last week extended his detention until July.
Confidence has also been hit by a major report into past privatisations by the head of Russia's Audit Chamber, Sergei Stepashin, which is due to be reviewed soon by parliament after a series of delays.
Mr Putin said he was not happy about the pace of Russian economic growth, which has weakened since he won election for a second four-year term a year ago.
"The pace of growth has slowed in the last two months," Mr Putin said. "The structure of this growth and the state of the economy cannot satisfy us."
Mr Putin's olive branch follows government initiatives to streamline tax administration and make business less vulnerable to the kind of tax hits which sank Yukos.
"The Yukos affair has taught everyone a lesson," said Peter Westin, economist at Aton brokerage.
"If Putin goes back on his word it would clearly tarnish his credibility. It's very good news for the markets and has to be taken at face value. If this becomes law, there is no way they can revisit the loans for shares scandals."
Mr Putin's meeting with leaders of Russia's main business lobby groups was his first since July of last year.
Analysts say Mr Putin might have been goaded into action after Ukrainian President Viktor Yushchenko, swept to power by mass protests against flawed elections, recently rolled out the red carpet to Russian business in Kiev.
The pro-Western Yushchenko has vowed to lead his country into the European Union, but he wowed Russian bosses by saying his country remained open for business with its big eastern neighbour.