Italy and Russia agree to work closer in energy sphere

Italy and Russia agree to work closer in energy sphere

Putin said the deal amounts to "implementation of the Energy Charter without formal judicial ratification".

Prodi said that it’s a sign of a "new phase in the realm of energy - relations are no longer those of client and seller, but rather of a Russia that is present in the Italian market for producing electricity."

At their press conference, Putin made no mention of any exemptions for Italian companies from such restrictions as will be introduced on all foreign companies in the government's planned new law on subsoil use, BBC News reports.

Oil and gas companies Eni and Gazprom, and planemakers Finmeccanica and Sukhoi also talked of future joint projects, Market Watch reports.