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Chris Bryant

Putin Tears a Giant Hole in a Critical German Balance Sheet

Uniper is paying the price for its dependency on Russia gas. But it will also be important in building Germany’s energy future.

A financial hit.

A financial hit.

Photographer: Bloomberg/Bloomberg

Compared to the heroics of Ukrainians resisting Vladimir Putin’s abhorrent war, efforts to prevent German utility Uniper SE from imploding might seem trivial.

Yet few European businesses have suffered as great a financial calamity from the conflict as this fossil-fuel company spun out from E.ON SE in 2016. Sleep must be in short supply at the Dusseldorf headquarters.