Germany is nearing a provisional agreement to nationalize energy company Uniper amid the ongoing fallout from Russia’s invasion of Ukraine, according to reports released by Bloomberg.
A spokesperson for the company on Tuesday said all parties involved in discussions are looking at a possible capital increase that would lead to the German government taking a significant majority stake in the ailing gas importer.
Consequences of Russia’s invasion of Ukraine
Uniper’s situation has looked increasingly vulnerable in recent weeks.
At the beginning of this month, Russian energy giant Gazprom said gas supplies to Western Europe via the Nord Stream 1 pipeline have completely stopped due to equipment issues., giving no time frame on when it would resume activities.