Governments across the European Union have faced an unprecedented energy supply shock. Putin’s illegal invasion of Ukraine has highlighted an uncomfortable truth: we have been complacent in our dependence on Russian oil and gas for far too long. It was inevitable that as soon as Russia began to attack Ukraine, there would be enormous economic and humanitarian consequences. Not only for Ukraine and Russia but for Europe and the rest of the world. One of the biggest disruptions for Europe has been to its energy supply. Historically, Ukraine has been an important transit country for piping Russian gas to Europe. Once the invasion was underway, supplies of energy to the EU were severely disrupted and the bloc vowed to wean itself off Russian fossil fuels. A painful irony is that whilst Europe attempts to reduce its dependence on Russia’s oil and gas, Moscow is enjoying booming returns on its oil and gas exports as prices, especially for gas, have risen since the war began. Moscow is findin...