With its economy in a resurgent mode, Russia seems set to regain its traditional influence and power. But in tune with the popular Russian saying that "the bear is still licking its wounds," Russia has to overcome a number of obstacles to sustain its economic growth. Russia's economic resurgence has been made possible by a combination of factors: strong leadership and firm handling of the transition to a free market economy, integration into the world economy, the growth in oil and gas production and increasing oil revenues due to rising prices.

Russia is on the move to become an energy superpower by spreading its influence deep into Western and Eastern energy markets. Possessing the largest reserve of natural gas in the world, Russia's domestic and foreign policies have now come to be largely determined by the energy factor. Apart from the already existing market in the West, Moscow's plan to explore Asian markets was welcomed by the major energy consuming countries such as China, Japan, and the Koreas in the East Asian region.

As the Russian thinking on its near abroad is crystallizing in the wake of the US withdrawal from Uzbekistan's Karshi-Khanabad airbase in late 2005, it appears that Moscow is aiming at strategic predominance in Central Asia and the Caspian Sea region, though it seems ready to accept the reality of free market dynamics. But the fact of the matter is that Moscow has neither the will nor the resources to single-handedly resolve all the problems of the impoverished former Soviet republics of the region.

Russia's concern over Iran's nuclear programme is increasing with every passing day. Iranian authorities are showing un-willingness to accept Russia's proposal to enrich uranium in Russian territory. Russia is trying to resolve an international crisis over Iran's suspected nuclear weapons programme, though its position on Iran has rhetorically moved closer to the European "Troika" (France, Germany, UK). Russia agreed to Iran's referral to the UN Security Council on the condition that the council would take action only after the March 6 IAEA meeting.

The dispute over the price hike for Russian gas deliveries to Ukraine was settled on January 4, 2006 , when Russian energy giant Gazprom and Ukraine 's state oil and gas company Naftogaz reached an agreement on the supply of Russian natural gas to Ukraine through a joint-venture company Rosukrenergo. It focused international attention on Russia 's current policy shift and the mechanisms of its implementation.

The Russia-Uzbekistan Treaty of Alliance Relations signed by President Vladimir Putin and President Islam Karimov at a glittering Kremlin ceremony on November 14, 2005 marked the completion of a full circle in Tashkent's relations with Moscow following the collapse of the Soviet Union. It also signified the Central Asian Republic's return to the Russian orbit.

In 2001, Uzbekistan opted to become the linchpin of US policy goals in Central Asia. It was then argued that Washington would guarantee the nurturing of geo-political pluralism in the region. This was viewed against the backdrop of the historical ascendancy of China and the imperial decline of Russia. Much has happened since then. Today the US is facing a deadline to quit its airbase in Karshi-Khanabad (K-2), set up in the immediate aftermath of 9/11, because of Tashkent’s suspicion that Washington had plotted the revolt in Andijan on May 13, which led to a bloody massacre.