Before meeting Mr Putin, the group had held anguished discussions about where Russia was heading. Even the Russian members were mostly glum, with many saying that the country's size, climate and history made autocracy and lack of freedom almost inevitable. The economic prognosis was equally downbeat. A survey of opinion among the club's members, called the Valdai index, came to some harsh conclusions. It suggested that there was a “tendency toward stagnation in Russia.” And it commented that “there is practically no real modernisation, restructuring or diversification, oil and gas remain the main sources of revenue, corruption continues unchecked and there is almost zero innovation.”

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