"Russia is one of the most exciting markets for food anywhere in the world," says Austrade's senior trade commissioner in Moscow.

Russia is undergoing a consumer revolution, Mr Tebbut says; one with a voracious appetite for imported products, especially products of top quality.

The nation's retail sector is growing 15-20pc per annum, the food sector at 40pc each year, and advertising at 35pc/year, all driven by real wages growth that hit 16.2pc in 2007.

"Russians are very proud people, they want the best and have high expectations from life," Mr Tebbutt said.

"For a lot of their history they haven't had the opportunity to fulfil those ambitions. Now they have the opportunity, they're grabbing it."

Australia is well positioned to capture some of that demand, with Russians perceiving Australia as "ecologically safe" and a reliable producer of top-quality food.

But it's not only food that the new Russia needs. Mr Tebbutt believes there is considerable opportunity for the marketing of technology and know-how in this economy, as well as investment.

There are some threats to foreign investment, he acknowledges, but argues that "any smart global player in agribusiness needs to be in this market".

Mr Tebbut is responsible for nine countries—Russia and the Commonwealth of Independent States (CIS) countries like Ukraine, Kazakhstan and Uzbekistan—that collectively cover 20 per cent of the Earth’s surface.

The economies of several of these countries are being lifted on a tide of petrodollars, but Mr Tebbut says the fundamental strengths of the region go far deeper.

"The Russian economy is based on resources generally, but it's not only oil and gas.

"They are sitting on the world’s biggest reserves of just about everything you can name.

"They became the world's biggest diamond exporter two years ago, they're in the top 3-4 exporters of iron ore, they’re one of the world's biggest coal producers, and they are the world’s biggest nickel producer."

* A special report on the Australian beef industry's activities in the Russian market will appear in selected Fairfax rural weekly newspapers on October 9.