Russia's state-owned natural gas company Gazprom will cut off supplies to Austria's OMV utility early Saturday, following OMV's decision to stop paying for Gazprom gas due to a 230 million-euro arbitration award. Austria's Chancellor announced that the country's underground gas storage is full and it has alternative non-Russia supplies, ensuring no shortage of gas for its citizens.
The cutoff will cost Gazprom around $2.5 billion annually in revenue, impacting Russia's economy significantly as oil and gas exports are crucial for the Kremlin's finances. This move comes after Russia cut off most natural gas supplies to Europe in 2022, leading to soaring gas prices and inflation.
