The request was made in a joint letter signed by Joaquim Miranda Sarmento, the Federal Ministers of Finance of Austria (Markus Marterbauer) and Germany (Lars Klingbeil), the Italian Minister of Economy and Finance (Giancarlo Giorgetti) and the Spanish Minister of Economy, Trade and Business, Carlos Cuerpo.

The letter, dated 3 April, is addressed to the European Commissioner for Climate, Carbon Neutrality and Sustainable Growth, the Dutchman Wopke Hoekstra.

“Given the current market distortions and budgetary constraints, the European Commission must rapidly develop a contribution instrument similar to the temporary solidarity contribution”, established in 2022.

In 2022, following the energy crisis stemming from the war in Ukraine, the European Union's energy ministers approved measures that provided for a 33% tax on the excess profits of fossil fuel companies, which would be converted “into a solidarity contribution” to be redistributed among the most vulnerable, a maximum ceiling for the profits of low-cost (renewable) electricity producers, and plans to reduce electricity consumption.

Now, the five signatory ministers point out that a similar contribution should be established on a European Union (EU) scale, “based on a solid legal basis.”

The ministers point out that this work would allow for financing temporary relief measures, particularly for consumers, and would curb rising inflation without overburdening public budgets.

Sarmento, Marterbauer, Klingbeil, Giorgetti, and Cuerpo welcomed the European Commission's commitment to "promising to quickly review the issue" and stressed that it should be considered "whether and how the overseas profits" of multinational oil companies can be included in a more targeted way than in the 2022 proposal.

The ministers argued that working together towards a European solution is the right approach.

"Such a European solution would serve as a signal to the citizens of our Member States and to the overall economy, demonstrating that we are united and capable of action," they say, adding that it would be a "clear message to those who profit from the consequences of war that they must do their part to alleviate the burden on the general public."

On 28 February, the United States and Israel launched a military offensive against Tehran, which retaliated by closing the Strait of Hormuz, a crucial maritime route for the oil market, and attacking Israel, US bases, and other infrastructure in countries in the region such as Saudi Arabia, Bahrain, the United Arab Emirates, Qatar, Kuwait, Lebanon, Jordan, Oman, and Iraq.

The current situation has driven up oil and other raw material prices.