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.

The European Union members have announced a new, fifth round of sanctions against Russia and its businesses due to the war in Ukraine, including a ban on Russian vessels from accessing EU ports. However, the EU is still weighing additional sanctions related to the banning of Russian oil imports.

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.

Following a fire incident, non-essential workers on an FPSO vessel located on the BP-operated Foinaven field off the UK have been evacuated and an investigation has been launched into the cause.

On a quest to end further fossil fuel extraction, environmental activists from groups in the Just Stop Oil coalition and Extinction Rebellion have blocked ten oil terminals across the UK, demanding a stop to new oil and gas projects and investments on the UK Continental Shelf.

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.

North Sea-focused Ithaca Energy has secured consent from the authorities for the development of a subsea tie-back to its FPF-1 facility located in the UK North Sea with the first oil expected later this year. Ithaca is also on track to enlarge its oil and gas portfolio through the acquisition of Summit E&P for a price tag of $224 million.

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.

Seismic exploration company Shearwater GeoServices has secured a contract with energy giant Equinor to conduct a 4D ocean bottom node (OBN) survey in the Norwegian North Sea.

British and Dutch gas prices rose on Wednesday morning, still buoyed by concerns about Russian deliveries in the face of demands to pay for them in roubles and as Germany issued an early gas supply emergency warning.