EU sets out plans for windfall taxes and power savings amid energy crisis

European Commission head Ursula von der Leyen also plans cap on price of Russian gas

The head of the EU executive, has set out plans for windfall taxes, mandatory electricity savings and a cap on the price of Russian gas to limit Kremlin revenues used to finance the atrocious" war in Ukraine.

Ursula von der Leyen outlined a five-point plan in response to an energy price crisis, driven by the Russian shutdown of the key Nord Stream 1 pipeline but exacerbated by the climate crisis and lingering effects of the Covid pandemic.