Measured by the host's own low expectations, last weekend's meeting of G8 finance ministers was a success, but Russia may yet regret picking energy as the core theme for its inaugural presidency of the rich man's club.

Controversy over the security of energy supplies looks set to dog Moscow through to July's Group of Eight summit in St. Petersburg after Russia cut gas supplies to neighbour Ukraine at the New Year in a price dispute which also hit Europe.

"Applying the same principle across the G8 ... could mean the US focusing its G8 presidency on global warming or France using its turn in the chair to discuss agricultural liberalisation," the Financial Times remarked in a commentary.

Finance Minister Alexei Kudrin did offer a concession to the West, saying Russia may end the gas pipeline export monopoly of state-controlled Gazprom.

But he gave no timeframe and analysts doubt the Kremlin might back such a move soon — or ratify an international energy charter requiring open pipeline access, as sought by French Finance Minister Thierry Breton.

Local commentators were more upbeat on Saturday's talks, saying that just getting all members of the old G7 — whose finance ministers typically meet without Russia — counted as a diplomatic success.

"The main thing the Russian minister could be proud about is that the meeting, in doubt for months because of Russia's unclear status, actually took place," the Vremya Novostei daily wrote.

Kudrin compared the first major meeting of the 2006 G8 calendar to a good first 'blin', or Russia pancake, promising more and better to come.

But it took a journalist's question for Kudrin to learn that G7 deputy finance ministers had met in London on the eve of the talks, in what appeared to be a calculated snub towards Moscow.

Many critics say Russia has no place in the G8 club, and despite the support of Germany for a full role at its finance meetings other members — especially the United States and Japan — are cool.

Not only does Russia fail to meet the democratic standards of the West in the eyes of the sceptics, it is the largest economy yet to join the World Trade Organisation and cannot even boast a convertible currency.

Positive noises did emerge from Moscow on Russia's hopes of reaching a bilateral deal with the United States on WTO entry, where talks are snagged on a US demand that foreign banks be allowed to open branches here.

Kudrin also talked up Russia's prospects of lifting all capital controls this year — ahead of schedule -- bringing the rouble one step closer to full convertibility.

But delegation sources said their hosts went a little overboard by forcing busy guests to sit through a long musical evening on Friday, leaving some ministers looking distinctly grumpy at the traditional 'family photo' on Saturday morning.

The press, corralled into a chilly exhibition hall behind a railway station far from the city-centre hotel where ministers met behind a heavy security barrier, also faced logistical headaches covering the meeting.

President Vladimir Putin made a bold pitch for Russia, reaping a huge petrodollar windfall as oil prices boom, to buy back $12 billion of debts it owes to the Paris Club of sovereign lenders.

That proposal won support in the meeting's final communique although Russia's idea of using the money — mostly owed to its G8 partners — to finance Third World debt relief was dismissed as unworkable by a US official.

Whatever the practicalities, the message was clear: Russia is prepared to spend some of its oil riches to buy a place at the top table of world diplomacy.

"Moscow is prepared to pay for membership of this club," wrote Vremya Novostei. — Reuters