Separatists from the self-proclaimed separatist republics in Luhansk and Donetsk regions handed over 74 prisoners, and Ukrainian authorities delivered 233.
On Tuesday, Zakharchenko said he had issued a pardon of prisoners.
UkrainianPresident Petro Poroshenko, centre right, and the head of the Ukrainian Orthodox Church Patriarch Filaret, right of Poroshenko, address prisonersreleased by separatists in the town of Kramatorsk, eastern Ukraine.
Numerous captives are not combatants; some were activists and bloggers who were charged with spying or treason. "The last conditions were negotiated", he said, voicing hope that "the Ukrainian side will keep its promises".
The OSCE welcomed the swap and urged the two sides to build on the momentum from it.
"I was in captivity for two years", said historian Igor Kozlovskiy, 63, who was captured by Donetsk rebels on suspicion of storing weapons. Monitors from the Organisation for Security and Co-operation in Europe (OSCE) have since reported hundreds of ceasefire violations, and at least seven Ukrainian soldiers have been killed in the past week.
Ukraine and its Western allies have accused Russian Federation of sending troops and weapons across the border.
"Thank you for your perseverance, guys", Poroshenko said on Facebook.
The prisoner exchange between Ukraine and the Russian-backed separatist is an important development, and is a welcome step towards meeting the commitments all sides have made under the Minsk Agreements.
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