, Columnist
Commodities Traders Score Low-Tax Windfall From Putin’s War
Trafigura’s $7 billion in net income matches its total of the previous five years
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War, sanctions and the worst energy crisis in half a century. It doesn’t sound like a great business environment. Unless you’re a weapons manufacturer, an oil company or a commodity trader.
The profitability of Big Oil is so well known, it has become a magnet for politicians. US President Joe Biden has accused the industry of “war profiteering.” In Europe, lawmakers have gone further, slapping the sector with windfall taxes. Armaments companies have also started to attract attention.