The Kremlin’s use of energy to further its global ambitions might be very troubling to governments abroad but for Enel, Italy’s largest power utility, Russia’s domestic market still represents a highly attractive “new frontier”.

Fulvio Conti, Enel’s chief executive, warns, however, that energy can be used as a “modern army” in disputes between states. Enel does not want its investments in Russia caught in the middle of an argument with the European Union over reciprocity in opening markets.