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Speaking at the Saint Petersburg International Economic Forum, Russian President Vladimir Putin said that there needs to be a world revolution in economic relations.

With world and business leaders in attendance, Putin said that emergence of developing economies in the world "demands the creation of a new architecture of international economic relations based on trust and mutually beneficial integration." He added that the current Western created institutions were "archaic, undemocratic and inflexible...This is clearly visible in the example of the WTO."

There has been a series of battles between Russia and both Europe and the United States recently in the political and economic areas. This one is directly connected to the inclusion of Russia into the WTO.

Putin has been asserting himself lately, offering up alternatives to some of the issues. In the case of the world economics situation, he said there should be a "regional Eurasian free trade organisations" created that would tap into the experience of the World Trade Organization.

Pascal Lamy, who believed it's imperative that deals be made at the G8 conference, said that the WTO was working hard on the negotiations, and couldn't really be the "multilateral institution it wants to be" without them.

According to Putin, Russia is being kept out for political reasons, more than anything else, and believes they should be included in the WTO.

Putin also added that Russia is open to being integrated into the international economy and foreign investment, citing the $140 billion dollars spend worldwide in 2006.

He also accused the WTO founding countries of being guilty of the protectionism they say they oppose, an obvious reference to the United States and Europe.

Russia has been battling for a 10-year period to join the WTO. Susan Schwab, US Trade Representative said that it was possible to admit Russia, from a technical point of view, by the end of they year, most of that would be reliant upon the commitment of Russia and how quickly they institute reforms.