Austrian oil & gas firm OMV says it does not expect cessation of gas exports from Russia

Amid the mounting sanctions on Russia for its invasion of Ukraine, Austrian oil & gas corporation OMV stated that it does not envisage a halt in gas supplies from Moscow. "From today's point of view, OMV does not expect a cessation of gas exports from Russia," the company said in a statement, TASS news agency reported. However, the company further stated that in case of a short-term interruption in Russian gas supplies, OMV can supply users with gas from storage facilities and has access to the European LNG market. 

Despite Russian gas company Gazprom's modification in the payment procedure, Austrian Chancellor Karl Nehammer claimed that the country might pay for Russian gas in euros, OE24.TV reported. Notably, Russia has demanded that energy firms from "unfriendly countries" convert their gas payments to roubles at Gazprombank amid the mounting Western sanctions. As per reports, Gazprom has suspended gas supply to the Bulgarian firm Bulgargaz and the Polish company PGNiG owing to non-payment in rubles.

Austria ceased importing & refining oil from Russia in March: OMV

Last week, a spokesperson of OMV claimed that Austria had stopped importing and refining oil from Russia in March. According to him, OMV's purchases of Russian oil have always been minimal since the onset of the war. However, Austria is still dependent on Russian natural gas, with the country receiving 80% of its natural gas from Moscow.

Meanwhile, the Austrian statistical office reported that Russian imports accounted for only 7.8% of the 596,000 tonnes of oil supplied to Vienna in 2021. Kazakhstan has been Austria's most important oil supplier for many years, which supplies 38.9% of oil to the country, TASS reported. 

Europe can manage up to six months without constant supply of Russian energy: IMF

According to Alfred Kammer, the head of the IMF's European Department, Europe can manage up to six months without a constant supply of Russian energy imports. In the absence of a stable and cost-effective alternative source, the top IMF official predicted that European nations will face significant economic consequences in the future.

Kammer also urged countries across the world to lower their energy consumption. Meanwhile, the IMF also believes that an embargo on Russian gas and oil might cost the EU at least 3% of GDP, depending on the conditions. In order to have a larger potential influence, Kammer argued that EU members must seek out alternative suppliers and implement significant initiatives.

(Image: AP)