Vladimir Putin will try to make up for lost time as he meets with other Pacific Rim leaders this weekend at the Asia Pacific Economic Cooperation forum in Vietnam, AP reports.

Russia’s foreign and economic policies have traditionally been focused on Europe — the recipient of nearly 60 percent of its exports so far this year compared to less than 12 percent for APEC countries, according to government data. Russia accounts for only about 1 percent of trade within APEC, whose 21 members represent nearly half of global trade.

Under Putin, the Kremlin is working to see that change.

“Russia no longer sees itself as a global superpower. It sees itself as a regional power in Europe and in Asia and now we are seeing an attempt to rebalance toward Asia,” said Eric Kraus, head of the Nikitsky Russia hedge fund and a frequent participant in Asian investment forums.

Economically, the logic of the policy is hard to fault.

Asia, and in particular energy-hungry China, presents a deep and liquid market for Russia’s myriad raw materials. As well as oil and gas — which at present are exported almost exclusively to Europe — Russia can boast minerals, chemicals, ores, pulp and paper and timber. Since Soviet times, Asia has also been important for Russia’s arms industry: China is Russia’s No.1 client and Moscow has sent military exports to Malaysia and Indonesia.

Ultimately, analysts say, Russia expects that in exchange for committing its vast energy reserves, APEC governments will become future customers for the more high-tech products the nation eventually wants to make as it seeks to diversify its economy and make it less vulnerable to oil price changes. In particular, Moscow has great hopes for its aviation industry, which the government has taken under its control and is trying to rebuild.

Increased economic cooperation is also seen as a means to galvanize the economy of Russia’s sparsely populated Far East.

By developing ties to the rest of Asia, Russia is consciously building a counterweight to the perceived dominance of the U.S. and EU in global politics. Russian-Chinese relations are burgeoning and analysts say Moscow’s relationship with Beijing — the rising regional power — will help it project its clout in the area.

Kraus noted that China had lobbied hard for Russia’s entry into APEC in 1998 and was set to promote it further within the region.

“It is in their interests to facilitate Russia’s penetration into the region, it’s seen as a counterweight to Big Brother,” he said, referring to the United States.

“We’re certainly seeing Russia looking to capitalize on the lessening of U.S. influence, not to take advantage of that, but to build up an Asian bloc,” said Chris Weafer, chief strategist for Alfa Bank and a former consultant to the Organization of Petroleum Exporting Countries. “Russia is trying to formalize this group.”

That effort could be seen in the common stance Russia and China have taken on Iran and North Korea’s controversial nuclear programs, he said — both of which are expected to feature prominently in bilateral talks between leaders.

Despite having the support of China, Russia must convince other Asian powers that it is a good investment bet, despite years of economic growth under Putin.

Partly, Kraus says, this is because Asian investors have so much going on closer to home — with thriving, emerging-market economies like Vietnam’s to dip into.

“The news about the Russian renaissance is getting into the region relatively slowly. Asia investors have so much to do with their own backyard,” he said.

Russia’s energy projects, which include oil and gas pipelines to China and possibly South Korea, as well as liquefied natural gas and oil projects off Russia’s Pacific coast, will shift those perceptions as they progress, analysts say.

Putin will also fly to Saturday’s meetings warmed by the anticipation of a deal with the United States on Russia’s entry into the World Trade Organization — a long-awaited milestone that will project Russia’s renewed financial muscle at the forum. The Russian president will also be able to savor the fact that, compared to U.S. President George W. Bush, he is likely to be perceived as much more the man to do business with.

While the Republican party has lost its majority in Congress, Putin enjoys a nearly 80 percent approval rate, with both houses of the Russian parliament ready to rubber-stamp any legislation his administration puts before them. “The U.S. president comes considerably weakened vis-a-vis domestic politics,” Weafer said. “He has much less credibility in terms of statements of interest with regards to Asia. In the question of making commitments, the pendulum has swung in Putin’s favor.”

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