MOSCOW, Russia – It's long been suspected Vladimir Putin wanted his old job back.Since stepping down after eight years from the Russian presidency in May, in favor of his hand-picked successor, Dmitry Medvedev, the former KGB agent - now Russian PM - has rarely been out of the public spotlight.

But who could have imagined he'd be muscling his way back into the Kremlin so soon?

Over the past two weeks, sweeping changes to Russia's constitution have been rushed through the country's rubberstamp parliament.

They include an extension to the presidential term from four years to six – undemocratic, say critics. But the possible consequences of the amendments are more far-reaching than that.

The changes still have to be approved by Russia's upper house, the Federation Council, and regional parliaments. But once they're adopted, expected to be soon, it could mean fresh elections in which the still overwhelmingly popular Mr. Putin could stand and likely win.

So what's the big hurry? Well, speculation is rife that the financial crisis has panicked the Kremlin. They had been expected to wait until the next scheduled presidential elections in 2012 to stage a Putin comeback.

But the economy is so bad, there's a growing chance the popularity tables could have turned against the leadership by then, making it hard for Putin to be re-elected with the resounding mandate he would want, if at all.

With every day that passes, high inflation and low oil prices are sinking Russia's economy deeper into crisis.

Expect early elections, and a return to the Kremlin for the man who never really let go of power.

MOSCOW, Russia - It's like a flashback to the old days of the cold war, isn't it? Russian nuclear warships probing U.S. naval defenses, anti-submarine aircraft being deployed by the Kremlin in a country vehemently opposed to Washington, in this case the Venezuela of Hugo Chavez.

Russian warships are being deployed in the Caribbean.

Of course, Moscow says it's announcement of naval exercises with Caracas is in no way related to the escalating tensions with the U.S. over Russia's invasion of the former soviet state of Georgia last month, a U.S. ally and enthusiastic NATO-wannabe. But does anyone really believe that?

What I do know is that Russians see this as a totally legitimate answer to the appearance of U.S. ships in the Black Sea to deliver aid to war ravaged Georgia (many Russians are convinced the aid deliveries are a cover to rearm the tiny country).

Oddly enough, I was chatting to Vladimir Putin about this very issue the other day.

In fact, it was the only time I've ever chatted with Russia's powerful prime minister, and the first time CNN has chatted with the former KGB agent in eight years!

Still, chat we did, about those U.S. ships.

Here we are in Sochi, he said, and not 100 km (60 miles) away from us, your warships are patrolling. These same ships carry missiles, Putin said, whose range is 100 km (60 miles).

How should Russia feel about this, he asked. These are not our ships off your coast!

Well maybe Putin now wants Americans to know how it feels.

Before you run for your nuclear bunker, though, remember we are not on the brink of nuclear holocaust, even if Russia's naval squadron, of four or five rusting ships, ever makes it to the Caribbean Sea.

Things may be feeling much chillier than before in relations between Russia and the West, especially the United States.

But make no mistake, this is still no cold war.

MOSCOW, Russia – Something strange and unexpected is happening in Russia. In the aftermath of the war across the border in Georgia, I am suddenly being granted access to the country's leadership. Remember, this is nation where Western journalists are barely given the time of day by the Kremlin. That is until now.

Matthew Chance interviews Russian Prime Minister Vladimir Putin.

The call to interview Russian president Dmitry Medvedev came on Tuesday afternoon, out of the blue (although we of course have long standing requests in for a meeting). By Wednesday morning, we were on a two-hour flight from Moscow to the Black Sea city of Sochi, with an appointment to have a sit down, one-on-one, interview. We have never interviewed Medvedev since he was elected in March, so we jumped at the chance.

We were corralled into the Sochi press centre, told we had four hours to setup our gear, and would be granted seven minutes of the president's time.

As I struggled to decide which questions I should ask in such a short window, Medvedev appeared on Russian state television, somberly announcing his unexpected decision to recognize as independent states the breakaway Georgian regions of South Ossetia and Abkhazia - obscure territories which swept to prominence earlier this month when Russian and Georgia went to war over them. For a full transcript of the interview with Vladimir Putin, click here.

Minutes later, Medvedev was sitting in front of me, explaining why he had recognized them in the face of international, in particular American, opposition.

Okay, good day's work. But there was more: the phone rang and on the end of the line was Dmitry Peskov, Vladimir Putin's press flak. The main man, Prime Minister Putin, wanted to give us an exclusive. A full-length, sitdown interview.

I should emphasize at this point how big this is for us. Vladimir Putin has virtually single-handedly transformed Russia into a powerful, confident, maybe even aggressive, state. He is a former KGB spy, and the former Russian president who eased his protege and hand-picked successor into the Kremlin job. He denies it, but word is he, not Medvedev, still calls the shots in Russia.

And what's more, he rarely gives interviews. Very rarely. CNN hasn't spoken to him for more than seven years. To get him now, at a time like this, when Russia is so prominent in the minds of Americans and the world, was incredible, fascinating.

And Putin doesn't disappoint. The guy is short, stocky, a KGB-trained judo black belt with a cold stare, and his critics would say, more than a little blood on his hands. He made Russia's ruthless crackdown on Chechen separatists into an almost personal vendetta.

CNN's Matthew Chance and Russian Prime Minister Vladimir Putin are filmed during their recent interview.

He doesn't care for the U.S. much at the moment, either. One of the first things he told me is that he blames Washington for the war in Georgia - for actually orchestrating it to help a particular candidate in the presidential contest. He wouldn't say which one, but the Kremlin has been increasingly shifty about John McCain and what they see as his anti-Russian rants.

There was more, too - the stunning accusation that Americans helped Georgian forces fight the Russians this month. Apparently, some Russian soldiers found a US passport after wiping out some Georgian special forces unit in South Ossetia. What was he doing there? The White House insists Putin is talking rubbish.

But the next revelation is definitely true. As the world debates the possibility of economic sanctions on Russia, Russia has announced what amount to a few of its own on America: Putin says 19 US poultry exports have been found to be in breach of Russian health and safety standards and have been banned. Another 29 are on a watch list. No big deal, I suppose, but not great news in such an economic downturn.

Putin said it had nothing to do with the diplomatic tensions - but I'm not sure anyone entirely believes him.

Anyway, point is, things have changed - and here's why, from a source who knows: Putin was in Beijing watching the opening ceremony when the war in Georgia erupted. He was constantly watching CNN to see how the conflict was being reported. And he didn't like it. He hated it. He hated seeing Mikheil Saakashvili appealing for Western support, he hated that there was no one on TV putting across the Russian version of events.

Why was there no one? Because there is no access in Russia, we were not allowed to go to the Russian side of the conflict zone. No Russian officials were available to talk to us, as usual. Georgia played the media game, Russia did not.

A decision was taken then to change tack, to engage with the Western media, to aggressively argue Russia's side. The Kremlin, which constantly complains of a bad press, could have learned this lesson years ago. But hopefully they see the value of us now. Doesn't mean we agree with them, or that appearing on CNN will convert the West to Russia's line.

But at least they are in the debate now - and that can't be bad for Russia