Gas prices on wholesale forward markets jumped ominously yesterday, by up to 7 per cent, even though this year’s mild winter means Europe’s gas inventories are relatively high. Western political analysts, meanwhile, claim that discoveries of shale oil and gas in the US and central Europe mean Russia’s energy grip has been loosened. But such production methods are not only extremely expensive and controversial; the day they’ll deliver game-changing output on to global energy markets remains some way in the future. For now, Russia still holds considerable energy leverage that it could wield in response to any economic sanctions. This reality, combined with protests from powerful Western businesses, means our politicians will struggle to even contemplate the use of draconian sanctions.