He also sharply criticised US plans to deploy elements of the US missile scheme in former Warsaw pact countries and neighbouring Ukraine.
MOSCOW: Rejecting western criticism that Russia was using its energy resources to achieve foreign policy aims, President Vladimir Putin supported the idea of setting up an organisation of natural gas exporting countries, similar to OPEC.
"A gas OPEC is an interesting idea. We are going to think about it," Puting said addressing an annual press conference in the Kremlin.
He also sharply criticised US plans to deploy elements of the US missile scheme in former Warsaw pact countries and neighbouring Ukraine and vowed an asymmetrical, but highly effective response.
Denying that Russia is using its energy resources as a lever to put pressure on other countries, Putin said his main concerns are providing "secure and reliable supply of energy resources to the consumers".
He said Russia could join Iran and other major producers in forming a group similar to the OPEC.
"We welcome the idea, but this organisation will not be a cartel," Putin said.
He said during his forthcoming visits to Saudi Arabia and Qatar next week he will discuss this idea to ensure sustained supplies of natural gas to consumer countries.
Russia's massive gas resources - nearly 30 per cent of known world reserves and 20 percent of world gas production -has raised fears in the West that it may gain further leverage over energy consumers by coordinating supplies with other gas-rich nations such as Iran and Algeria.
Responding to question about the US offer of deploying elements of National Missile Defence (NMD) in Czech Republic and Poland and cooperation with Ukraine, Putin said Russian experts see the plan as a threat to Moscow, although they are being projected as an anti-terror measure and to counter strikes by Iran and North Korea.
"Our military budget is 25 times less than that of the USA, but we will give an asymmetrical and highly effective response," he said during his three-and-half hour long annual news conference, sixth since he came to power in 2000.
Putin said "Our new generation hypersonic missiles are highly manoeuvrable; they continuously change their altitude and flight path before hitting their target. Projected US NMD is useless before them."
On the issue of Iran's nuclear programme, Putin said Tehran should allay international suspicions through close interaction with the UN nuclear watchdog.
"They should move to allay any international suspicions concerning Tehran's alleged plans to develop nuclear weapons," Putin said.
He underscored that he expects Iran to restore its relations with the International Atomic Energy Agency (IAEA) to end any suspicions about its nuclear programme.
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