A Jersey-based oil-refining company is suing the EU, Germany and Denmark for at least €95m over a windfall tax introduced during the Ukraine war that it sees as a “pretext” for undermining fossil fuel firms, leaked documents show. “We need treaties that serve our people and climate, not the fossil fuel industry. Last October, the EU said it was imposing its energy windfall tax on company profits more than 20% higher than the 2018-21 average to prevent “lasting harm for consumers and the economy”. Klesch, which is based in the UK and Switzerland, is suing Germany and Denmark for €95m (£83m) after they set their utility levies at 33% for profits above the 20% average. It is also suing the European Commission for an undisclosed sum over the windfall tax regulation.

Source: The Guardian November 21, 2023 04:47 UTC