Russia's commodities strategy: While the West talks, Medvedev and Putin lock up resources for the future

The economic glitterati have descended on Russia's "second capital." President Dmitry Medvedev, vice premiers and ministers, CEOs of Intel, Nissan, Coca-Cola and other Forbes 500 companies, and oligarchs are rubbing shoulders with superstar pundits such as Thomas L. Friedman and Nuriel Rubini. All have flocked to the St. Petersburg International Economic Forum.

Russians are all smiles after the purchase of 2 percent of Facebook, and state-owned Sberbank's participation in acquisition of the General Motors Corp.'s German subsidiary Opel. The public discourse is all about diversification, innovation and coping with the global crisis. Mr. Medvedev says he wants innovation-based growth. But privately, many sotto voce discussions turn to the question: What is Russia's global strategy?

Over the last few months, Moscow has pushed hard to consolidate.....