Billion-dollar losses are not a reason to lift sanctions. This is the view the West holds. Apart from Russia, Europe, in particular Germany, is bearing the brunt of sanctions. German energy giant Uniper has recently reported hefty losses that amount to billions of euros.
The leading energy group posted record losses in the wake of curbs on gas supplies from Russian state gas company Gazprom. The German utility said that it had incurred a loss of €12 billion in the first half of the year. By the end of 2022, this amount may increase exponentially as everyone knows that Gazprom is not responsible for shortfalls in gas delivery. According to Uniper’s management, billions in losses resulted "from the sharp drop in gas deliveries from Russia." The loss also included €2.7 billion in impairments on its stake in the canceled Nord Stream 2 pipeline and write-downs on its Russian business Unipro. With the help of lawyers, the company is considering receiving a return on its loan granted to it earlier for the implementation of the project.
Supply disruptions have become a real problem. Uniper even tried to accuse Gazprom of violating the gas supply contract signed with Germany. In mid-June, the Russian state-backed energy giant reduced deliveries. Four weeks later, it declared force majeure. Gazprom’s representatives cited technical problems involving equipment for the gas pipeline, which was shipped to Canada for repairs but was not given back due to sanctions.
