Starting November 16, Austria is off the guest list for Russian natural gas, following a 230 million arbitration spat between Gazprom and Austria's OMV AG
Russia’s Gazprom PJSC has decided to play its favorite game pipeline politics. Starting November 16, Austria is off the guest list for Russian natural gas, following a €230 million $242 million arbitration spat between Gazprom and Austria ’s OMV AG. OMV , refusing to let that cash slip away, decided to withhold payments to Gazprom . As one might have guessed, that ended poorly. Unsurprisingly, Europe an gas prices didn’t take the news well. Futures climbed 2.7% to €47.
The company has proffered assurances that it will still be able to meet supply obligations through “alternative sources”—clear evidence that Europe’s increasingly interconnected gas network means that Austria is no longer entirely at Gazprom’s mercy. Still, the timing stings, with winter breathing down Europe’s neck. Even the mere hint of a supply squeeze has governments nervous about heating bills and energy security.
EU Europe Gas Supply OMV Austria Energy Crisis
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