The “Russia question,” what role the country’s fossil fuels might play in peacetime, may not be the most pressing issue for energy bosses and the investors backing them. But it is rightly on their minds.

The year since Russia invaded Ukraine has been a roller coaster for energy markets. Oil prices have been volatile, with the global Brent benchmark peaking at $133 a barrel in March before falling back around $80 today—below where they traded on the first day of the war. That is nothing compared with natural gas. After Moscow

cut pipeline supplies to Europe, the region’s benchmark TTF day-ahead gas price hit a level equivalent to almost $580 a barrel of oil in late August.

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