Energy giant ExxonMobil sues EU to block energy windfall tax

TL;DR

Energy giant ExxonMobil sues EU to block energy windfall tax- PublishedUS energy giant ExxonMobil is suing the EU in a bid to force the bloc to scrap its new windfall tax on oil firms.But Exxon accuses Brussels of exceeding its legal authority, calling the measure "counter-productive".In an investor meeting earlier this month, ExxonMobil's chief financial officer estimated that the EU tax would cost the group "over $2 billion".The European Commission said it "takes note" of Exxon's legal application and said that "it will be now up to the General Court to rule on this case", the Financial Times reported.The EU is largely trying to wean itself off Russian energy but that has left it scrambling for alternative, more expensive, sources."

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