Germany’s Uniper SE reported record losses from January to September as it was battered by Russia’s curtailment of natural gas volumes, but management said the firm is on a path to stability with LNG as a stepping stone.

Uniper, Germany’s largest importer of Russian gas, has been navigating a geopolitical and economic crisis since before Russia’s February invasion of Ukraine as direct pipeline flows from Russia’ Gazprom PJSC have gradually dwindled. Uniper reported direct deliveries of gas from Gazprom have completely ended as of August.

During the nine-month period, the firm estimated shortfalls of expected Russian volumes cost it around $9.9 billion and will contribute to roughly $30.7 billion in future losses. The German government has since stepped in with...