ExxonMobil sues to block EU windfall tax


U.S. oil major ExxonMobil is suing the European Union in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing the EU exceeded its legal authority by imposing the levy, Reuters reports.

ExxonMobil says it has invested $3 billion in the past decade in refinery projects in Europe. The projects are helping it deliver more energy products at a time when Europe struggles to reduce its imports from Russia, the company says. Read the full story.