German gas giant reports steep losses from Russian squeeze

German energy giant Uniper on Wednesday reported heavy first-half losses which it blamed on Russia squeezing gas deliveries in the wake of the Ukraine war.

The company, which accepted a government rescue package last month, said that it had recorded a net loss in the first six months of the year of 12.3 billion euros ($12.5 billion).

"Uniper has for months been playing a crucial role in stabilising Germany's gas supply at the cost of billions in losses resulting from the sharp drop in gas deliveries from Russia," CEO Klaus-Dieter Maubach said in a statement.

The German government agreed in late July to take an around 30-per cent stake in Uniper, which was threatened with bankruptcy as a result of the crisis.