Finland is granting Fortum €2.35bn ($2.35bn) in bridge financing to assure liquidity at the state-controlled utility amid an energy crisis triggered by Russian fossil gas curtailment in the wake of the Ukraine war.

The company said it currently has sufficient liquid funds to meet collateral needs, but the additional liquidity may be necessary in case energy prices – and with it collateral requirements – continue to rise significantly on the Nordic commodities exchange Nasdaq.

The bridge financing cannot be used to cover collateral needs for the utility’s troubled German subsidiary Uniper, which already receives some €15bn in aid from Berlin, but is covering Nordic subsidiaries Fortum Power and Heat Oy and Fortum Sverige AB.