FX.co ★ Austria continues to buy Russian gas

European countries have refrained from Russian energy, trying to find alternative suppliers. However, EU governments face a challenging task. For example, Austrian Chancellor Karl Nehammer expressed his moral discomfort with buying gas from Russia. Meanwhile, winter is coming, and alternative energy supplies have yet to be found. Europe began reducing its dependence on Russian energy imports in 2022. At the same time, it was impossible to refrain from Russian gas completely. Austria’s Chancellor Nehammer noted that the country must ensure the security of its energy supply although it was not pleasant. "The priority number one is security of supply. If it is disrupted, the system will be disrupted and so will be the production and supply of energy to people. That is why it is, first of all, about ensuring security of energy supply," the chancellor said. Meanwhile, the official stressed that Austria began reducing its dependence on Russian energy in 2022 and was working to increase deliveries through Germany and Italy to diversify its suppliers. He also added that Austrian oil and gas company OMV had supply contracts with Russian energy giant Gazprom until 2040.