And unlike its Asian counterparts, Russia is already a nation of dedicated red meat eaters – there is no conversion from white meat necessary here.

In fact, the new Russia offers the world’s most promising market for protein.

In the past 12 months, it has imported more than a million tonnes of meat – and unlike the high-end East Asian beef markets, it wants everything, from marbled rib-eye steak to chuck and offal.

In central Moscow and St Petersburg, some 101 billionaires, an estimated 88,000 millionaires, and an uncountable number of the more modestly wealthy that form Russia’s first-ever middle class are turning to steak, once a rarity on Russian menus, for the first time.

Elsewhere, most of Russia’s 143 million citizens still drive Ladas as they wait for the economic tide to float their boats, and they stick to their usual sources of protein: mince-filled dumplings, cured sausages of infinite variety, and a colourful array of tinned meats.

“Russia is a one-stop butcher’s shop,” says David Jones, Meat and Livestock Australia’s regional manager, Europe, and himself a former butcher.

Australia’s main opportunities lie in the top end of the market, where its strengths and cost structure are similar to those of its main competitors, the US and New Zealand.

Russia’s food service and retail sector are increasingly dealing with steak, and most big restaurants in the biggest cities feature Australian steak.

Volatile currencies have also helped make Australia a strong competitor against the dominant player in the huge frozen beef sector, Brazil.

* Full report on Matthew Cawood's trip to Russia in The Land this week.