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Uniper to Keep Importing Gas From Russia for Another Decade

  • CEO says it will keep existing contracts that expire in 2030s
  • Moscow has demanded that recent supplies be paid for in rubles
Uniper relies on Russia for more than half of the natural gas it needs under long-term contracts.

Uniper relies on Russia for more than half of the natural gas it needs under long-term contracts.

Photographer: Krisztian Bocsi/Bloomberg

Uniper SE plans to keep importing natural gas from Russia for another decade, even as Europe seeks to cuts its energy dependency on the country.

The German utility -- one of the continent’s largest buyers of Russian gas -- has contracts with Gazprom PJSC that will expire in the middle of 2030s, CEO Klaus-Dieter Maubach said at Uniper’s annual general meeting on Wednesday. The company won’t extend these contracts or begin any new ones, he reiterated.