Russia will stop supplying gas to Austria starting November 16th. Austria is extremely dependent on Russian gas.

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Russia’s Gazprom is set to cut off natural gas supplies to Austria starting Saturday, November 16, 2024. This decision comes amid escalating disputes over payment terms and arbitration awards.

The immediate trigger for the cut-off lies in Austria’s OMV utility, which announced it would stop payments to Gazprom’s Austrian arm. This move follows a €230 million ($242 million) arbitration award OMV secured over a prior disruption involving its German subsidiary.

Austria, historically reliant on Russian gas for up to 98% of its supply as recently as December 2023, faces a critical energy shift. Despite this dependency, Chancellor Karl Nehammer assured citizens that underground gas reserves are full and alternative suppliers are in place. “No one will freeze this winter,” he declared.

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