Europe’s plan to double down on renewable fuels in response to rising fuel costs could have the unintended short-term effect of increasing prices and slow down the energy transition, Chevron Corp Chief Executive Michael Wirth said on Tuesday.

The UK’s representative body for the offshore energy industry, Offshore Energies UK (OEUK), has revealed that oil and gas operators are expected to pay £7.8 billion (over $9.7 billion) in taxes to the country’s government in 2022, which constitutes a 20-fold increase worth £279 (around $346) per household.

The widespread disruption on several North Sea platforms that started on Wednesday after crew members staged unplanned walkouts seems to continue on several platforms occupied by Bilfinger UK personnel.

Oil major Chevron booked a significant increase in its quarterly earnings and revenues driven by higher oil and gas prices.

Hungary plans to pay for Russian gas in euros through Gazprombank, which will convert the payment into roubles to meet a new requirement set by President Vladimir Putin, Foreign Minister Peter Szijjarto said on Monday.

Russian gas deliveries via three key pipelines into Europe were little changed on Tuesday morning, with physical flows on the Yamal-Europe pipeline at the German border point of Mallnow at zero for a third day.

U.S. President Joe Biden last night announced plans for what is said to be the largest release from the strategic petroleum reserves in American history of 1 million barrels a day for six months to lower gas prices at the pump.

Europe’s plans to build stocks and ensure gas supplies for next winter could be upended if exports from Russia are halted in a standoff over payment terms, risking curbs on industrial use, analysts warned.

Russia is ready for the possibility that Europe might stop buying Russian energy supplies, the TASS news agency quoted the speaker of Russia’s upper house of parliament as saying on Tuesday.

The Kremlin on Tuesday said foreign companies need to understand that the “economic war” against Russia has changed the situation, meaning they need to buy roubles and pay for gas in the Russian currency, as Moscow seeks to shield itself from sanctions.