Ukraine said the 115 Ukrainian servicemen who were freed were conscripts, many of whom were taken prisoner in the first months of Russia's invasion.
Among them were nearly 50 soldiers captured by Russian forces from the Azovstal steelworks in Mariupol.
The Russian defence ministry said the released 115 Russian soldiers had been captured in the Kursk region, where Ukrainian forces launched their surprise offensive into Russia two weeks ago.
The ministry said the soldiers were currently in Belarus, but would be taken to Russia for medical treatment and rehabilitation.
Ukrainian president Volodymyr Zelensky said in a post on X that the United Arab Emirates had again brokered the exchange, the 55th since Russia launched a full-scale invasion of its neighbour in February 2022.
Photographs attached to Mr Zelensky’s post show gaunt servicemen with shaven heads and wrapped in Ukrainian flags.
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