The Kyoto Protocol requires 55 countries accounting for 55% of global greenhouse gas emissions to sign before it can enter into force. Countries which have signed represent 44% so Russia’s ratification is vital to make up the remaining amount. It is also seen to put further pressure on the US which has rejected the protocol.

President Putin’s more positive stance was welcomed by the environmental community. Alexey Kokorin of WWF-Russia, said: “Ratification of the Kyoto Protocol is in the interest of the Russian State, its people, its economy, its environment.”

Evidence suggests that Russia stands to gain from any agreements. Its declining economy has meant it has already cut its greenhouse gas emissions considerably since the days of Soviet industry and could benefit considerably from the carbon credits it would receive.

In addition, Russia could rebuild its industrial base with more reliance on natural gas, a resource the country has in abundance and which causes far lower greenhouse gas emissions. The natural gas factor is seen as having played a crucial role in Mr Putin’s announcement and the progress of its membership to the WTO.

John Richards, economic councillor, delegation of the European Commission to Russia, stated at the recent Russian Economic Forum in London that it was vital that the country was integrated into the world’s economic functions but it was “so important to get it right.”

A major bone of contention has been over the price of energy, Russian customers currently pay only one-fifth of the price that overseas customers are charged for natural gas. During negotiations, the EU has always insisted that prices be equalised if Russia is to join the WTO.