Russia is nine days away from potentially carrying out a threat to reduce gas supplies flowing through a pipeline across Ukraine to western Europe, unless Kiev pays higher prices for gas it takes from the pipe. The result could be winter energy shortages in some European countries.

Yet on the same day, January 1, Russia assumes the rotating presidency of the Group of Eight nations, of which it has made “energy security” a central theme. Moscow is widely expected to use its presidency to promote itself as a reliable energy supplier to the world’s biggest economies.