Europe's top importer of Russian natural gas has lost $12.6 billion this year as Moscow curbs supplies

Uniper, which is Europe's biggest importer of Russian natural gas, lost over $12 billion in the first half of the year.

Uniper was forced to buy gas on the open market in order to make up for the shortfall after Russian energy giant Gazprom slashed gas deliveries to just 20% of capacity

Uniper has become a pawn in the conflict and faces insolvency, according to the CEO.

Uniper has not been able to raise its rates with higher costs. The utility received a loan from the German government.

Russia supplied 40% of Europe's gas and 45% of Germany's gas before the war in Ukraine. Most of Europe is vulnerable to an energy crisis this winter because of Russia's use of natural gas.

A recent deal with other natural gas providers to keep two terminals fully stocked in Germany over the next few years is one of the ways Uniper is trying to find alternative supplies.

Losses for foreign oil and gas companies may be manageable. There is not a single energy company in Germany that wouldn't be affected by such a development.