The EU has proposed a windfall tax on the profits of energy companies. Its executive estimates the move could bring in more than 140billion euros (£121bn) to shield consumers from soaring energy prices.
The plan to skim off revenues was published by the European Commission on Wednesday. EU countries will now have to negotiate the Commission's proposals and agree on final laws.
Frans Timmermans, the EU official in charge of the green transition, denounced what he called "Russia's energy blackmail", the Guardian reported. The scheme would see fossil fuel extractors asked to give back 33% of taxable surplus profits for the 2022 financial year.
