The message does not specify what level of excess profits tax they propose and which companies should be subject to it.
The ministers referred to a similar 2022 emergency tax and called on the European Commission to quickly develop a similar pan-European instrument on a sound legal basis, taking into account current market distortions and budgetary constraints.
According to the authors of the appeal, their proposed measure would signal that the EU is capable of acting united and those who benefit from the effects of war should help reduce the financial burden on the population.
“It will also send a clear signal that those who profit from the consequences of war should do their part to ease the burden on the general public,” the letter reads.
European Energy Commissioner Dan Jorgensen said Brussels was particularly concerned in the short term about Europe’s supply of oil products such as jet fuel and diesel.
European gas prices have risen more than 70% since Feb. 28, when the U.S. and Israel began striking Iran. The markets are facing a crisis comparable to the situation after the start of the Russian special military operation in 2022 – although EU countries are now getting more energy from renewable sources.
