Russian officials have said President Putin will take up concerns over the project with US President George W Bush at the forthcoming G8 summit in Genoa.

BBC: Russia and China sign friendship pact

However, President George W Bush last month nominated a former Goldman Sachs executive, Henry Paulson, to take over the post from the outgoing John Snow.

BBC: NEWS | Americas | Top US diplomacy official resigns

David W. McCreight, who served as the chief executive of Under Armour from 2008 to 2010, will take over the role, effective November 15.

FORBES: Shares To Watch: Urban Outfitters Down 4%