Russian gas glut shows Austria still in Kremlin’s energy orbit

December 4, 2023 - Austria is overflowing with Russian natural gas, allowing the longtime customer of Gazprom to boost sales to its neighbours while delaying efforts to pivot from Kremlin-controlled energy.

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The central European nation has been a hub for Russian flows for more than a half-century, with storage depots and pipelines historically configured to forward fuel to Hungary, Germany, Italy and Slovenia. State-owned OMV AG has a lengthy contract with Gazprom that obliges it to buy gas reaching the border.

The scrutiny of Austria’s supply is intensifying because the nation says it wants to diversify from Russia, yet trade data shows a steady flow via Ukraine that satisfies more than half the economy’s demand, according to Bloomberg.