The EU is set to unveil mandatory energy use cuts as its standoff with Russia pushes supply lower. The plan also includes an "exceptional and temporary" tax on companies in the oil, gas, coal, and refining sectors based on the firms' extra profits. Yet with energy prices still elevated and Russia slashing exports to Europe even further in recent weeks, the plan's authors argue urgency is paramount. Energy prices have skyrocketed in the UK and the EU as Russia retaliates against sanctions and cuts its exports of oil and natural gas to western Europe. The shift has forced them to quickly adopt measures boosting domestic energy supply and easing demand to avoid rolling blackouts and even more intense inflation.

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