Green MEPs push EU to tax oil windfall profits from Iran conflict

In a debate at the European Parliament in Strasbourg, Green MEP Rasmus Andresen appealed to the European Commission to extend the “solidarity” tax used during the Ukraine war to oil and gas companies benefiting from the Iran conflict. His remarks followed a joint letter from Austria, Germany, Italy, Poland, Portugal and Spain to Ireland’s finance minister, requesting an EU-wide windfall-tax framework while Ireland holds the rotating EU presidency.

Several of those states have already enacted national levies, ranging from 60% in Poland to 33% in Portugal. Transport and Environment calculated that eight major oil firms generated €7.5 bn in excess profits in Europe during the first half of 2026, double the previous quarter’s figure. A senior Irish presidency official said such taxes could address rising living costs, but Energy Commissioner Dan Jørgensen stressed that taxation is mainly a national matter. Fellow Green MEP Marie Toussaint argued that taxing these profits could fund Europe’s energy transition and hold companies accountable for higher fuel prices.