On July 22, the day that Yukos, the oil company, warned of its imminent bankruptcy and its main production subsidiary was seized by bailiffs, Vladimir Putin, the Russian president, held a meeting with James Mulva, the chief executive of ConocoPhillips, and Vagit Alekperov, the Soviet-era oil boss who now heads Lukoil, Russia's flagship oil company.

The president had some good news for Mr Mulva: the government had just signed a decree to sell its 7.6 per cent stake in Lukoil - a private company which represents the Russian state in major international ventures - and signalled that ConocoPhillips was welcome to bid for it. Mr Putin added that he would like to see a more active relationship between Russian and US companies in the energy sector.