Russia may not qualify to be a member - let alone chairman - of the G8 club on most accounts, but it has something that is as important as its nuclear arsenal and something the West is increasingly worried about: oil and gas.

The country has the world's largest reserves of natural gas and is the second largest exporter of oil after Saudi Arabia. "Russia is intent on using its existing and potential position as a major energy supplier to the global economy to get increased influence at the top table of global politics," says Christopher Weafer, chief strategist at Alfa Bank, the country's largest private bank.