German utility E.On has cut the value of its stake in the Nord Stream 1 gas pipeline by about €700 million ($715 million) amid “heightened uncertainty” over the impact of Russia’s war on Ukraine.

The company, Europe’s largest energy network operator, said in March that its 15.5% stake, held indirectly through its pension fund, had a book value of €1.2 billion.

It translates into a 58% decline of the participation’s value.