Germany’s recently nationalized utility Uniper SE, previously one of Europe’s largest buyers of Russian pipeline natural gas, is moving to recover some of its monumental losses from Gazprom PJSC while it continues to divest from the country.

Uniper management announced in Düsseldorf Wednesday the company is pursuing arbitration to recover damages from Gazprom it claims it is owed for natural gas the Russian controlled firm has failed to deliver since June.

Uniper has lost more than $12 billion so far this year replacing lost Russian pipeline gas at higher spot prices and expects to continue accruing major losses into 2024, according to the company.

[LNG in Focus: Will the Red Sea attacks affect global natural gas markets? NGI dives into the current security situation...