Under mediation by US President Donald Trump on Friday, the two countries also decided to conduct a prisoner exchange involving 1,000 detainees.
Both sides officially accepted Trump’s proposal for a ceasefire and prisoner swap on Friday.
According to the agreement, all military activities will remain suspended from May 9 to May 11.
Ukrainian President Volodymyr Zelenskyy said, preparations have been finalized to bring back 1,000 Ukrainian prisoners in exchange for 1,000 Russian soldiers.
Meanwhile, Zelenskyy has instructed Ukrainian forces not to launch attacks on Russian territory during Moscow’s Victory Day parade on humanitarian grounds.
Meanwhile, Kremlin said, Russian President Vladimir Putin views Trump’s initiative positively.