Five EU nations urge tax on energy firms' windfall profits

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Advertisement World Five EU nations urge tax on energy firms' windfall profits The tax "would also send a clear message that those who profit from the consequences of the war must do their part to ease the burden on the general public", said the countries' finance ministers. The prices per litre for diesel fuel at a petrol station in Toulouse, southwestern France on Apr 3, 2026, as the US-Israel war on Iran has roiled global energy and equities markets, sending oil prices skyrocketing after Tehran virtually closed the key Strait of Hormuz. (File photo: AFP/Lionel Bonaventure) 04 Apr 2026 07:06PM (Updated: 04 Apr 2026 07:10PM) Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. Click here to return to FAST Tap here to return to FAST FAST MADRID: Spain and four other European Union nations have called for a tax on windfall profits of energy companies in response to rising fuel prices due to the Middle East war , Spanish Economy Minister Carlos Cuerpo said on Saturday (Apr 4). In their letter, dated Friday, the ministers added that the tax "would also send a clear message that those who profit from the consequences of the war must do their part to ease the burden on the general public", according to a copy posted by Cuerpo.

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Five EU nations urge tax on energy firms' windfall profits
The tax "would also send a clear message that those who profit from the consequences of the war must do their part to ease the burden on the general public", said the countries' finance ministers.
The prices per litre for diesel fuel at a petrol station in Toulouse, southwestern France on Apr 3, 2026, as the US-Israel war on Iran has roiled global energy and equities markets, sending oil prices skyrocketing after Tehran virtually closed the key Strait of Hormuz. (File photo: AFP/Lionel Bonaventure)
04 Apr 2026 07:06PM
(Updated: 04 Apr 2026 07:10PM)
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MADRID: Spain and four other European Union nations have called for a tax on windfall profits of energy companies in response to rising fuel prices due to the
Middle East war
, Spanish Economy Minister Carlos Cuerpo said on Saturday (Apr 4).
The request was made in a letter addressed to EU Climate Commissioner Wopke Hoekstra and signed by Cuerpo along with the finance ministers of Austria, Germany, Italy and Portugal, he said in a post on X.
Cuerpo said such a measure would "ease the burden on consumers and taxpayers".
In their letter, dated Friday, the ministers added that the tax "would also send a clear message that those who profit from the consequences of the war must do their part to ease the burden on the general public", according to a copy posted by Cuerpo.
Oil and gas prices have surged since US-Israeli strikes on Iran began on Feb 28, resulting in Iran effectively blocking the strategically vital Strait of Hormuz and damage being done to Gulf energy infrastructure.
Although the EU sources most of its oil and gas from regions other than the Gulf, high global prices are still affecting businesses and households.
The ministers noted that a similar emergency tax was implemented in 2022 to address soaring energy prices following Russia's invasion of Ukraine.
"Given the current market distortions and fiscal constraints, the European Commission should swiftly develop a similar EU-wide contribution instrument grounded on a solid legal basis," they wrote.
The letter did not specify the proposed level of the windfall tax or which companies would be affected.
Related:
Trump vows to hit more Iranian infrastructure as nations seek to open Hormuz
Source: AFP/dy
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## Expert Analysis

### Merits
N/A

### Areas for Consideration
N/A

### Implications
- The ministers noted that a similar emergency tax was implemented in 2022 to address soaring energy prices following Russia's invasion of Ukraine. "Given the current market distortions and fiscal constraints, the European Commission should swiftly develop a similar EU-wide contribution instrument grounded on a solid legal basis," they wrote.

### Expert Commentary
This article covers fast, tax, energy topics. Readability: Flesch-Kincaid grade 0.0. Word count: 555.