Spain and four EU countries advocate for windfall tax on energy firms.
In a notable diplomatic manoeuvre, Russian President Vladimir Putin has issued an ultimatum to Armenia over the latter’s deepening ties with the European Union, threatening to reconsider military cooperation if Armenia moves closer to European institutions. This comes ahead of the planned EU-Armenia summit scheduled for May 4-5, 2026, highlighting the increasing geopolitical tensions in the region as the EU seeks to enhance its influence amid Russian assertions of power.
Economically, five EU finance ministers are advocating for a tax on energy companies’ windfall profits, reflecting growing concerns over inflated energy costs amidst ongoing market volatility. This proposal may gain traction as EU leaders prepare for the upcoming discussions, which could culminate in a significant policy announcement later this month regarding energy taxation. Stakeholders will be keenly watching these deliberations as the EU navigates the intricacies of energy dependency and fiscal responsibility.
Key developments across Europe
Putin issues ultimatum to Armenia over closer ties with EU
EU FOREIGN POLICY — Russia’s President Putin has pressured Armenia regarding its growing relationship with the EU.
This ultimatum underscores Russia’s discontent with Armenia’s shift towards closer ties with European nations as negotiations progress for potential EU membership. This development occurs amid heightened geopolitical tensions in the region, impacting Armenia’s domestic politics and foreign relations.
Europe must prepare for ‘long-lasting’ energy shock, EU warns
EU ENERGY — The EU has announced the need for preparations for a prolonged energy crisis.
Europe Pushes for a Gentler Internet for Children
EU LAW — Europe is advancing legislation aimed at protecting children online.
The EU’s proposal focuses on implementing stricter regulations for digital platforms to ensure child safety from harmful content and online exploitation. This initiative reflects ongoing concerns over children’s welfare in the digital age, demanding that tech firms comply with new standards.
Five EU finance ministers call for tax on energy companies’ windfall profits
EU ECONOMY — A coalition of five EU finance ministers advocates for taxing excessive profits from energy companies.
This call for a new tax comes as a response to the soaring profits observed during the energy crisis, aiming to redistribute funds to support consumers facing high costs. It reflects ongoing debates within the EU regarding economic equity and the financial strategies needed in times of crisis.
What to watch — The EU’s response to the ongoing energy crisis and potential regulatory measures are anticipated in the coming weeks.
Further reading from across European news sources
euronews
Putin issues ultimatum to Armenia over closer ties with EU
Financial Times
Europe must prepare for ‘long-lasting’ energy shock, EU warns
Politico Europe
‘Who doesn’t enjoy a good catfight story?’: Kallas shrugs off von der Leyen tensions
Reuters
Exclusive: Five EU finance ministers call for tax on energy companies’ windfall profits
The Guardian
Biometric checks stalled again for cross-Channel travellers