European Commission President Ursula von der Leyen has imposed a windfall tax on energy companies to help take the financial pressures of from households and businesses.
She said that they are hoping to raise more than £121 billion in the windfall tax which will then be spread across across all 27 member states.
Von der Leyen said, “It is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of our consumers.
“In these times, profits must be shared and channelled to those who need it most.”
However the new British Prime Minister Liz Truss has ruled out bringing in a windfall tax in the UK and has introduced a £150 billion energy bill relief for Brits, but then the taxpayer will end up paying this back.