The German government has stepped in to bail out one of its biggest energy companies — the latest casualty of Europe's natural gas crisis.

Gas distributor Uniper will receive up to €15 billion ($15.3 billion) from the government after months of Russian supply cuts and soaring spot market prices have brought it to its knees.

Uniper is Germany's largest importer of gas, its Finnish parent company Fortum said in a Friday press release.

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Under the rescue deal, the government has committed to provide €7.7 billion ($7.8 billion) to cover potential future losses, while state-run bank KfW will increase its current credit facility by €7 billion ($7.1 billion).

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The government will also buy a 30% stake Uniper, while Fortum will reduce its stake from 80% to 56%.

"New geopolitical realities have shaken the European energy system to the core, and this determines a new framework for European energy companies," Fortum CEO Markus Rauramo said in the press release.

Rauramo said that further work was needed to make the gas industry sustainable.

The German government has stepped in to bail out one of its biggest energy companies — the latest casualty of Europe's natural gas crisis.

Gas distributor Uniper will receive up to €15 billion ($15.3 billion) from the government after months of Russian supply cuts and soaring spot market prices have brought it to its knees.

Uniper is Germany's largest importer of gas, its Finnish parent company Fortum said in a Friday press release.

*

Under the rescue deal, the government has committed to provide €7.7 billion ($7.8 billion) to cover potential future losses, while state-run bank KfW will increase its current credit facility by €7 billion ($7.1 billion).

*

The government will also buy a 30% stake Uniper, while Fortum will reduce its stake from 80% to 56%.

"New geopolitical realities have shaken the European energy system to the core, and this determines a new framework for European energy companies," Fortum CEO Markus Rauramo said in the press release.

Rauramo said that further work was needed to make the gas industry sustainable.