FT.com - When Russia and the European Union meet tomorrow for their first summit since the Lisbon treaty came into force, economic crisis could push both sides towards greater co-operation.

Russia's role as the EU's dominant energy supplier is under threat because of Europe's potential development of shale gas, while cheaper liquefied natural gas from the Middle East is rivalling Russian supplies.

The EU is on the backfoot because of the eurozone crisis and needs Russia, which has 41 per cent of its $460.7bn hard currency reserves in euros, to remain invested in the euro.

"Positions have completely alternated," said Chris Weafer, chief strategist at Uralsib Capital investment bank in Moscow. The tense geopolitical stand-offs over energy that have marked previous summits are likely to be absent at the summit in the southern Russian city of Rostov-on-Don.

This is not least because a pro-Moscow leader is installed in Kiev, limiting the prospect of conflict over gas supplies in transit to Europe. "We won't have the gunfights of before, but the poker game is still going on," said Mr Weafer.

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