4 EU countries urge bloc to impose profit cap on energy companies

The finance ministers of Spain, Germany, Italy, Portugal and Italy say that a European Union-wide tax on energy companies’ profits would distribute the burden more fairly.

The call, made public in a letter on Saturday, comes amid concerns that surging oil and gas prices driven by the Iran war will fuel inflation and strain households.

Europe is largely dependent on imported oil and gas, leaving it vulnerable to external shocks.  — AP