Germany agrees to bail out energy giant Uniper as Russia squeezes gas supplies

Uniper has been in talks with the German government about a possible bailout.

Uniper became the first casualty of Russia's natural gas squeeze after Germany agreed to bail it out.

The German state will get a stake in Uniper.

The first company to sound the alarm about soaring energy bills in Germany was the energy company. Germany is the biggest importer of gas in the world and has been hit hard by reduced flows from Russia.

Fortum said that Uniper and the German government had agreed on a package of financial relief.

The energy crisis requires robust measures. The president and CEO of Fortum said in the statement that they found a solution that met the interests of all involved.

The need to protect Europe's security of supply was a priority.

Russian gas supplies to Europe have fallen due to the sanctions placed on Moscow by the west.

According to Fortum, Uniper has only received a fraction of its contracted gas volumes from Russian gas giant Gazprom since mid- June. Fortum said that this had consequences for Uniper's finances.

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Line chart with 256 data points.The chart has 1 X axis displaying Time. Range: 2021-12-31 00:00:00 to 2022-07-21 00:00:00.The chart has 1 Y axis displaying values. Range: 0 to 50.End of interactive chart.

Sam was a contributor to this report.