As Russia prepares to host the G8 summit, politicians and observers are questioning whether it is ﬁt to be part of this exclusive club of nations. While most of the criticism and objections focus on political issues, there is a conspicuous shortage of analysis about the economic dimension of Moscow’s membership. The country has ofﬁcially been on-board for almost a decade, and has become increasingly involved in policy coordination on geopolitical and security matters. However, Russia is still not part of the core G7 forum for macroeconomic, exchange rate and ﬁnancial policy discussions. But now its strength as an energy producer may just offer an opportunity.