Austria's chancellor says Russia’s state-owned natural gas company Gazrom will cut off supplies early Saturday to Austrian utility OMV.
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Read full article: 2024 Holiday Consumer Protection Guide for Floridians: Things you should know to enjoy a scam-free holiday The cutoff follows OMV’s announcement that it would stop paying for Gazprom gas to its Austrian arm to offset a 230 million-euro arbitration award it won over an earlier cutoff of gas to its German subsidiary.Chancellor Karl Nehammer said Friday that Austria has a secure supply of alternative fuel and that “no one will freeze this winter, no home will be cold.”
The cutoff will cost Gazprom around $2.5 billion a year in annual revenue, said Janis Kluge, an expert on the Russian economy at German Institute for International and Security Affairs. Oil and gas exports, and the associated tax revenues are the most important single source of cash for the Kremlin. Still, three European countries — Austria, Slovakia and Hungary — have been getting supplies of Russian gas through a pipeline through Ukraine despite the fighting there. Ukraine has said it won't continue gas transit past Jan. 1, leaving those countries looking for other supplies. Austria gets the bulk of its natural gas from Russia, as much as 98% in December 2023, according to Energy Minister Lenore Gewessler.
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