Cutting off Russian gas supplies could be 'massive risk' for country, Austria says.

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The Austrian Energy Ministry has warned that a possible cut-off of Russian gas supplies poses risks to the country, which is still dependent on natural gas from Russia, the ministry said to Bloomberg, as reported on Aug.

13. Despite efforts by European countries to reduce dependency on Russia's gas, Russian supplies remain an important part of the EU's imports. Russia cut much of its pipeline gas transit to Europe in 2022, but countries like Austria, Hungary, and Slovakia remain heavily reliant on Russian imports.

The Austrian Energy Ministry said as long as there is dependence on Russian gas supplies, "there is a massive risk of a corresponding supply failure with far-reaching consequences." "We must end Austria's dependency on Russian gas supplies as soon as possible," the ministry said. According to the Austrian government's report, the country can replace Russian gas with supplies from Italy and Germany.

But if it fails to do so, its gas storage capacity will drop to 15% by 2026. Austria's ruling coalition has pledged to end Russian gas imports by 2027 as part of a broader transformation of the country's energy system. The government is expected to present a detailed roadmap ahead of the national elections on Sep.

29. A more likely scenario envisages the cessation of Russian supplies from January 2025, new supplies via Italy to meet growing demand, and a 60% storage capacity in 2027, Bloomberg said. While the total amount of gas imported from Russia has decreased, 98% of all gas imports to Austria in December 2023 came from Russia, constituting a record-high share.

In 2018, Austria extended its gas supply contract with Russia until 2040. The Austrian government is currently exploring whether it is possible to terminate the agreement with Gazprom ahead of schedule.

Ukraine, Russia have no intention of halting gas flows to Europe amid fighting in Kursk Oblast, Bloomberg reports Kyiv and Moscow plan to continue transmitting gas to Europe despite Ukraine's incursion in Kursk Oblast near a key cross-border transit point for the fuel, Bloomberg reported on Aug.

12, citing its undisclosed sources.