Russia cut gas supplies to Ukraine in January

The comments came from Claude Mandil, head of the International Energy Agency, the energy watchdog for the world's leading industralised nations.

He said Russia needed an independent energy regulator to control the sector.

Russia cut gas supplies to the Ukraine in January, which had a knock-on effect on supplies to Western Europe.

Western commentators said the move - carried out by Russia's state-run gas company Gazprom - showed that Moscow was using its natural resources as a political tool.

We are afraid that Gazprom will not have, in the coming years, enough gas to supply even their existing customers and existing contracts IEA boss Claude Mandil

They accused the Kremlin of cutting gas supplies to punish the Ukrainian government for moving towards the West.

Russia denied the accusations, saying it was merely a dispute with Kiev over how much Ukraine should be paying for its gas.

However, Mr Mandil told Reuters news agency that an independent Russian energy regulator would help reform the Russian gas and oil sector to meet Western norms of practice.

He added that such a regulator would also be able to encourage more investment in the Russian energy market.

G8 summit

Mr Mandil wants his proposal to be discussed by the G8 leading nations at their next summit, which by coincidence takes place in St Petersburg in July.

"We are afraid that Gazprom will not have, in the coming years, enough gas to supply even their existing customers and existing contracts. This is our data," said Mr Mandil.

"Gazprom is not investing enough."

Mr Mandil has previously argued that Russia needs to abolish Gazprom's export monopoly and open its gas pipeline to independent producers to help boost investment.

Moscow has already turned this down, so Mr Mandil is now pushing for Moscow to create an independent regulator to help balance Gazprom's power in the marketplace.