The dispute between Russia and Ukraine is about more than the price of gas. By raising the price of 1,000 cubic metres from $50 to $230, Gazprom - Russia's state-owned supplier and, therefore, a political tool of Vladimir Putin - has sought an economic revenge on a former Soviet republic that has dared to declare its diplomatic independence from Russia and to look towards western Europe.
To cut off the gas supply to Ukraine in the depths of winter has been an invitation to the Ukrainians to divert supplies of gas meant for several European countries. Germany takes 30 per cent of its gas from Russia. Its Chancellor, Angela Merkel, has already warned Moscow to act "responsibly".
France, which obtains a quarter of its gas from that supplier, has so far remained discreet - an attitude reminiscent of Mr Chirac's uncritical attitude to Saddam Hussein, with whom his country spent so much time breaking oil sanctions.
President Putin's promise to pump extra gas to Europe in order to make up any shortfall shows cunning rather than penitence: the West must now decide whether to raise the tone against Russia or let its bullying and aggression go largely unremarked.
The methods of gangsterism and blackmail now being used by Gazprom are reminiscent of the Soviet era. They are entirely at odds with the country President Putin would like to claim Russia now is and in which alleged guise it has, since Sunday, chaired the G8 group of industrial democracies.
The West has to tell Russia that, plainly and simply, its conduct is unacceptable if it wishes to remain part of the club of civilised nations.
Although Britain takes no gas from Russia, it too must speak up for stability in the former Soviet Union and not be seen to condone the punishment by Russia of its former satellites. Mr Blair used his influence with President Putin to secure deals for BP to extract energy supplies from Russia on a long-term basis.
He was right to note that Britain's self-sufficiency is over and that such supplies must be secured from Russia as well as elsewhere. However, for Russia to use its natural resources as a means of behaving ruthlessly and unscrupulously with its neighbours is a medieval tactic that cannot be condoned in the modern world.
Mr Blair should not hesitate to take the lead in applying pressure on Russia to behave itself. Russia has more to lose by being driven out of polite international society than the rest of the world does and the ambitious President Putin knows it.
The West, for its part, must realise that if blackmail is paid once it will be sought again; and a second Cold War, this time economic, is the last thing the West needs now.
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