BRUSSELS—Exxon Mobil Corp. XOM said Wednesday that it has filed a lawsuit against European Union authorities over the bloc’s decision to impose a windfall levy on energy companies’ high profits triggered by Russia’s invasion of Ukraine.
The plan sought to cap producers’ revenue from electricity generated by fuels other than natural gas and demanded that oil-and-gas companies hand... BRUSSELS—Exxon Mobil Corp. XOM said Wednesday that it has filed a lawsuit against European Union authorities over the bloc’s decision to impose a windfall levy on energy companies’ high profits triggered by Russia’s invasion of Ukraine.
The plan sought to cap producers’ revenue from electricity generated by fuels other than natural gas and demanded that oil-and-gas companies hand over one third or more of money the EU considers to be excess profit. Energy prices in Europe rose sharply earlier this year, stoked by Russia’s decision to throttle natural-gas supplies to the continent after its invasion of Ukraine prompted Western countries to impose sanctions. Natural-gas prices have declined and are now near their level before the war began.
Exxon said its German and Dutch subsidiaries, Mobil Erdgas-Erdöl GmbH and ExxonMobil Producing Netherlands BV, filed a lawsuit on Wednesday with the EU’s General Court in Luxembourg that seeks to annul the EU’s windfall profit levy on oil-and-gas companies.
Gotta love how private companies nowadays can sue literal countries/unions when they don't appreciate laws derived from the citizens' votes..
F Exxon
Soviet Union, European Union, whatever...
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Source: Reuters - 🏆 2. / 97 Read more »