Energy giant ExxonMobil sues EU to block energy windfall tax


US energy giant ExxonMobil is suing the EU in a bid to force the bloc to scrap its new windfall tax on oil firms. A windfall tax is imposed on firms that benefited from something they were not responsible for. Energy firms are getting much more money for their oil and gas, partly due to supply concerns as a result of Russia’s invasion of Ukraine. But Exxon accuses Brussels of exceeding its legal authority, calling the measure “counter-productive”. ExxonMobil reported a quarterly profit of almost $20 billion (£17.3 billion) in October. In September, European Commission chief Ursula von der Leyen announced the plan for major oil, gas and coal companies to pay a “crisis contribution” on their increased 2022 profits.(BBC)…[+]