We must not trade Ukrainian sovereignty for cheaper gas.
Western leaders seemed almost pleased with themselves on Friday afternoon. The G7 finance ministers (from the UK, US, France, Germany, Italy, Japan and Canada) had agreed a plan to cap Russian oil prices. Meanwhile, European Commission president Ursula von der Leyen suggested also capping Russian gas prices. It looked like they were on the brink of reining in soaring energy costs at home, while still putting the squeeze on Russia.
But within hours the mood had soured. Gazprom, the Russian state-owned gas company, announced that the vital Nord Stream 1 gas pipeline to Germany – which supplies approximately 35 per cent of Europe’s gas – would remain shut indefinitely after weeks of intermittent closures. There was more than a whiff of retaliation in the air.
