Current affairs commentator Joseph Ellis recently gave a lecture, titled ‘Every Cloud has a Silver Lining’, at il-Ħaġar cultural centre in Victoria. He discussed how Europe faced up to the energy challenge these past months since Ukraine was invaded by Russia.

Up to a year ago, Europe was spending around a billion euros daily on energy imports from Russia, including petroleum, gas and coal. Most European countries relied on these imports to fuel their industries and warm their homes and offices.

Ellis said Russia must have calculated that the dependence of Europe on its energy exports would blunt the reach of western sanctions against its behaviour. Moreover, Russia had built up a strong reservation of foreign currency in anticipation of possible sanctions by western countries. 

Sanctions of unprecedented depth and breadth have been imposed against Russia by Europe and other Western countries since they could not continue bankrolling Russia’s war machine.

Ellis said it was true that the world experienced a huge price spike  but gas prices had now gone down to the pre-February 2022 level, if not even lower in some cases.

“Gas reserves are higher than they were a year ago and Russian revenues from energy exports have taken a huge hit,” Ellis said.

Ellis also said many were arguing that the current crisis has had its toll on commitments to phase out CO2 emissions.