London Daily

Focus on the big picture.
Sunday, Oct 04, 2026

Ukraine war: UN chief Guterres slams oil and gas firms' 'grotesque greed'

Ukraine war: UN chief Guterres slams oil and gas firms' 'grotesque greed'

UN Secretary General Antonio Guterres has called for oil and gas companies to face special taxes.

His comments come as surging energy prices sparked by the war in Ukraine push industry profits to new highs.

Mr Guterres said it was "immoral" for firms to be profiting from the crisis.

Russia's invasion of Ukraine in February has worsened a global shortage of oil and gas, disrupting access to oil and gas from Russia - a major supplier - and driving prices higher.

While households are grappling with higher energy bills, companies are reaping the benefits.

Together, four of the biggest energy firms - Exxon, Chevron, Shell and TotalEnergies - earned nearly $51bn in the most recent quarter - almost double what they made in the same period last year.

"This grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home," Mr Guterres said.

"I urge all governments to tax these excessive profits, and use the funds to support the most vulnerable people through these difficult times."

Last month, the UK approved a 25% 'windfall tax' on energy firms, a one-off levy the government says will raise some £25bn to help offset household energy bills, which have spiked.

Some other countries, such as Italy, have imposed similar measures.

But French lawmakers recently rejected such a move, and there is little political momentum in the US, despite a windfall tax proposal from some members of Congress.

Frank Macchiarola, a senior vice president for oil and gas lobby group the American Petroleum Institute, said calls for a windfall tax were misguided.

"Policymakers should be focused on increasing energy supply and reducing costs for Americans. Imposing new taxes on our industry will do the exact opposite and only discourage investment at a time when it's needed most," he said.

Mr Guterres warned that high energy prices would have wide ranging consequences, as households and governments around the world buckle under the pressure.

"Many developing countries - drowning in debt, without access to finance, and struggling to recover from the Covid-19 pandemic - could go over the brink," he said. "We are already seeing the warning signs of a wave of economic, social and political upheaval that would leave no country untouched."

Newsletter

Related Articles

0:00
0:00
Close
UK Police Release Six Iranian Nationals on Bail After RAF Fairford Security Alert
UK Business Confidence Falls as Energy Costs and Tax Uncertainty Rise
Cornwall Insight Warns UK Energy Bills Could Rise 16% in January
UK Introduces Zero VAT on Household Electricity Bills
UK 30-Year Gilt Yield Hits 6% as Bond Market Pressures Intensify
UK Introduces Stricter Subcontractor Checks and Expanded Trade Union Access
Green Party Proposes Three-Year Emergency Freeze on Private Rent Increases
UK Treasury Committee Seeks Tax Clarification Over Manchester City Investigation
Royal Marines Deploy to Faroe Islands for Northern European Security Exercise
UK Business Confidence Weakens as High Costs Delay Investment
UK GDP Growth Revised Up to 0.5% in Second Quarter
Bank of England Warns of Financial Stability Risks From Autonomous AI
UK Expands Early Prisoner Release Scheme to Ease Overcrowding
UK Records Worst Bluetongue Outbreak on Record Across Livestock Farms
UK Government Faces Shrinking Fiscal Headroom Ahead of October 28 Budget
UK 30-Year Gilt Yield Reaches 6% as Energy Shock Drives Borrowing Costs Higher
Church of England to Apologize for Role in Historical Forced Adoptions
UK Defence Ministry Investigates Historical Use of RAF Bases by Jeffrey Epstein
Scottish Housing Completions Fall to 11-Year Low
Welsh First Minister Calls for Expanded Devolution Settlement
UK Pledges £50 Million to Expand Domestic Military Drone Capabilities
UK Opens First Commercial Geothermal Plant in Cornwall
Green Party Wins Gorton and Denton By-Election as Labour Falls to Third
Prime Minister Andy Burnham Opens Review of UK-EU Relationship
UK Inflation Rises to 3.1%, Adding Pressure on Household Finances
UK Removes VAT From Domestic Electricity Bills to Ease Winter Energy Costs
Counterterrorism Police Arrest Sixth Suspect Over RAF Fairford Incident
UK Councils to Receive Sweeping Planning Powers to Ban New Vape and Betting Shops
Chancellor John Healey Faces Tax and Pension Scrutiny Ahead of Autumn Budget
Metropolitan Police Apologise for Accidental Disclosure in High-Profile Investigation
UK Universities Report Record International Enrolment as Housing Pressure Grows
UK Logistics Firms Monitor Rhine Disruption as Low Water Threatens European Supply Chains
UK Food Industry Warns Inflation Could Approach 7%
UK Introduces Vaping Duty and Mandatory Retail Stamps
Scotland Raises Property Taxes and Expands Child Payment in Annual Budget
Greggs Plans Four Factory Closures With 740 Jobs at Risk
OECD Raises UK 2026 Growth Forecast to 1.1%
UK Inflation Rises to 3.1% as Bank of England Faces Rate Debate
Andy Burnham Criticises Brexit and Says Rejoining EU Single Market Remains an Option
UK Imposes New Sanctions on Russian Military Networks and Propagandists
UK Launches Nationwide Early-Release Prison Scheme
Andy Burnham Says Security Services See Signs of Iranian Involvement in RAF Fairford Incident
Manchester City Found Guilty on Premier League Financial Charges After Independent Investigation
Scottish Court to Rule on Bid to Force No-Confidence Vote Against Aberdeen Council Co-Leader
UK Bans Extra Charges for Seating Children Under 12 Beside Accompanying Adults
UK Introduces Vaping Duty and New Licensing Requirements
Greggs to Close Four UK Factories and Cut 740 Jobs
Hundreds of Prisoners Released Early as England and Wales Prisons Reach 98% Capacity
UK Unveils New Russia Sanctions Targeting War Funding and Shadow Fleet
Burnham Says There Are Strong Indications of Iranian Involvement in RAF Fairford Security Breach
×