German company Uniper stops buying gas from Russia

The German company Uniper announced a net loss of 40.374 billion euros under IFRS for the nine months of this year due to the high costs of replacing gas supplies from Russia with purchases on the spot market.

The company completely stopped receiving Russian gas. Supply cuts have begun back June 14th. Uniper called this a violation of Gazprom's contractual obligations. About 10 billion euros of the projected loss and 40 million euros were realized, about 31 billion euros are expected in the future. The company hopes to replace Russian LNG by 2024.

- Uniper will play a key role in providing Germany with electricity and gas for winter 2022/23 and beyond. Therefore, we are focused on providing Germany with additional volumes of gas and LNG, - said the financial director of the company Tiina Tuomela.

Back in August, Uniper's losses from reduced gas supplies from Russia were estimated at 12 billion euros. In September, the German authorities decided to nationalize the company.