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Russia's war in Ukraine did have a winner this year it was American oil and gas companies these Giants amassed billions of dollars thanks to Global Supply Chain disruptions and soaring prices it was obvious that the European Union governments wouldn't let this party on for long without getting a share for themselves with this intention the European Union began taxing energy companies on the profits they made and now the block is facing the hour of one such us-based company which has sued them for these new taxes besides the company and the European Union there's one key character too the United States Washington's actions have heightened the possibility of the much discussed EU U.S trade War so what is the eu's latest legal trouble about why are businesses in Europe unhappy and why does the USA's presence here matter hello and welcome this is Shubhangi Sharma and you're watching first post U.S energy giant Exxon Mobil said on Thursday that it was suing the European commission for its quote-unquote counterproductive windfall tax Exon accused Brussels of exceeding its legal Authority by implementing the tax subtly threatening investment pull out from Europe Exxon spokesperson Casey Norton said this tax will undermine investor confidence discourage investment and increase Reliance on imported energy and fuel products whether we invest here primarily depends on how attractive and globally competitive Europe will be the company said that it invested three billion dollars in the past decade in Refinery projects in Europe helping it deliver more energy products at a time when the block struggles to reduce its imports from Russia the European commission meanwhile reiterated that its measures are fully compliant with the relevant laws before we move further here's a primer on the windfall tax you see following the war in Ukraine Europe plunged into an energy crisis thanks to its sanctions on Russia and Russia cutting off gas supplies as a retaliation since then the European Union has scrambled for alternative sources where U.S oil companies saved the day in turn these companies made a fortune they invited charges of war profiteering from Europe later an Exxon mobil's case it reported a quarterly profit of almost 20 billion dollars in October more than 20 percent higher than the average for the three previous years the European commission announced a steep 33 windfall tax in September on the profits made in 2022 dubbing it a crisis contribution basically the European Union wanted to tax the windfall profits made by these oil companies which basically means that these oil companies were making bumper profits simply because of the geopolitical circumstances at hand and not something of their own doing the European Union ministers estimate that they can raise 140 billion euros from these suppliers that are making larger than usual profits in line with the current levels of demand the block is in dire need of money and investment as it has ended up spending roughly one trillion dollars just on the energy...