Austria’s gas needle: how can Vienna replace Gazprom’s supplies?

The Austrian government considers it necessary to terminate the contract between OMV and Gazprom (MOEX: GAZP), valid until 2040. In 2023, Russian gas accounted for more than 64% of all gas purchases by Austria, reaching 98% in December. OMV says that in order to terminate the contract, it is necessary for the Austrian authorities to pass the appropriate law, since the purchase of gas from the Russian Federation is not subject to sanctions. Austria is one of Gazprom’s largest remaining customers in Europe, which is still fulfilling long-term contracts.

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