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Energy giant Shell has reported its highest annual profits in more than a century, after energy prices soared due to the Russian invasion of Ukraine.
London-based Shell’s profits for 2022 were almost $40 billion, twice those reported for 2021, at a time of continued political debate about more targeted taxation on energy companies.
As U.K. households struggle thanks to elevated energy prices and correspondingly high inflation, Shell’s announcement will fuel fresh demands that Prime Minister Rishi Sunak’s government ratchet up a kind of “windfall” tax on such profits.
