ExxonMobil takes EU to court in bid to block ‘counter-productive’ windfall tax

Oil and gas giant has accused the EU of overreaching its authority with move to tax profits amid energy crisis

Oil and gas giant ExxonMobil is suing the European Union over its windfall tax on the profits of energy firms.

The US-headquartered corporation has accused the EU of overreaching its authority, branding the levy on its profits “counter-productive”.

A windfall tax is a levy on large profits that are unforeseen or unexpected. After the Covid pandemic, many energy firms saw their profits soar due to supply shortages.