OPINION: An already tense European gas market was further shaken this week with the ratcheting up of sanctions against Russia over its incursion into Ukraine, including Germany’s halt of the Nord Stream 2 gas pipeline certification.

“Well,” sniffed former Russian president Dmitry Medvedev on social media. “Welcome to the brave new world where Europeans are very soon going to pay €2000 for 1000 cubic meters of natural gas!”

Whether or not that comes to pass, steeply rising energy prices threaten to fuel inflation for longer than hoped and derail post-pandemic economic recoveries, not just in Europe, but around the world.