Talks are continuing today between Russia and Ukraine over gas prices before a Sunday deadline. Moscow has threatened to turn off gas supplies to its neighbour unless Ukraine agrees to pay more than four times as much for the fuel as it does currently. This report from Andrew Walker:

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Whatever the true motives, the dispute does underline the fact that Russia is likely to have an increasingly important role in the world energy market. Certainly, it will be possible for Russia to use its role as an energy supplier to reinforce its position in international politics. Russia's crude oil reserves rank in the top ten. Its gas reserves are the largest in the world. Western Europe is going to become more dependent on Russian gas for its heating and electricity.

Already some European countries get substantial amounts of gas from Russia through pipelines that cross Ukraine. Russia would be reluctant to anger such important customers by cutting supplies to them in a dispute with Ukraine. But the possibility of disruption at some stage is real.

And the Russian government has moved to take greater control over the industry. It has a majority stake in Gazprom and also has some important holdings in oil companies. It is also striking that one of the main themes for the summit of the G8 major powers that President Putin will host in July will be energy security. It is something the other G8 countries want and which Russia will have a key role in providing.

Andrew Walker, BBC Economics Correspondent

Listen to the words

claim
say that they believe it is true

political motives
political reasons

insist
say strongly that something is true

the dispute
the disagreement, the argument

underline
demonstrate, highlight, emphasise

to reinforce its position
to make its position stronger

reserves
supplies

reluctant to anger
unwilling to make angry

It has a majority stake
It owns more than 50%

a key role
a very important part to play

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