The finance ministers of Germany, Italy, Spain, Portugal and Austria called on the European Commission to impose a tax on windfall profits for energy companies amid rising global fuel prices.
Reuters quoted finance ministers as saying that energy companies that achieved unexpected profits must “do their part to mitigate the impact of rising prices on the general public.”
Reuters notes that the appeal does not refer to a specific tax rate proposed to be imposed on the profits of energy companies. We are primarily talking about creating a legal framework at the EU level capable of avoiding lawsuits that arose when previously EU Member States resorted to similar measures at the national level.
Global energy prices have risen sharply since the United States and Israel began launching strikes on Iran in late February. Iran, in turn, began attacking US allies in the region with missiles and drones, striking, among other things, energy infrastructure. Iran also closed the Strait of Hormuz, through which one of the main oil and gas transportation routes passed before the war began. As a result, gas prices in Europe have risen by 70% since the beginning of the war.
European Energy Commissioner Dan Jorgensen said earlier that the European Union is studying different scenarios to respond to rising global fuel prices, including rationing consumption and reactivating strategic oil reserves. At the same time, Jørgensen stressed that the European Union will not review its plans to reject supplies of Russian energy resources.