The annual summit meeting of the Group of Eight leading industrialized nations is often dismissed as a photo opportunity for world leaders rather than a place where real policies are agreed upon. This year's meeting, held earlier this week in St. Petersburg, Russia, was no exception. The summit declaration includes the usual list of concerns, and precious little that indicates the heads of state will do something about them. However, this year's host, Russian President Vladimir Putin, has every reason to be happy with that. For him, the most important element of this year's meeting is where it took place: The meeting validated Russia's place among the leading nations.

Mr. Putin planned to focus the meeting on energy security. By doing so, he would highlight Russia's role as one of the world's leading producers of oil and natural gas. In addition, he sought to use the G8 commitment to "open, transparent, efficient and competitive" markets to pry open Europe's own energy networks. Russia is eager to gain access to the downstream marketing of energy products, particularly in Europe, to diversify its interests and to earn a share of the profits from energy distribution, where the real money is made.

European governments have been reluctant to give Russian companies that access without reciprocity in the form of investment opportunities in Russia's own energy reserves and infrastructure. They have demanded that Russia sign the EU Energy Charter Treaty, which calls for competition that would help crack Gazprom's iron grip on the energy market in Russia. Mr. Putin says he supports the treaty in principle, but has refused to sign it. Moscow's failure to permit foreign companies to make substantial investments in Russian energy infrastructure — or "national assets," a designation that shields them from foreign ownership — has Europeans worried that Russia is not ready to level the playing field at home.