The German government has nationalised Uniper after an earlier multibillion-euro bailout failed to keep the gas importer afloat and oil prices started rising following Russian President Vladimir Putin’s announcent of a partial Russian military mobilisation.

Berlin agreed to buy the remaining stake owned by Finland’s Fortum in the German gas importer to secure its operations and keep its business going, the latest move to keep the lights on and heaters running in Germany this winter.

European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine, leaving consumers struggling with sky-high energy bills and European utilities grappling with a liquidity crunch.