An Austrian gas company ended its historic relationship with Russia's Gazprom.
Austria framed the move as defiance against Russian energy blackmail attempts.
It's a key step in Europe's thorny path to gaining energy independence from Russia.
A European gas supplier ended a decades-long contract with Gazprom, the Russian state-owned energy juggernaut.
Analysts are hailing the decision as a sign of Europe moving to be more resilient in its energy supplies.
The Austrian gas conglomerate OMV announced on Wednesday that it was cutting ties with Gazprom over a protracted contract dispute, ending its dealings with Russia.
OMV was one of the last large, long-term buyers of Russian gas.
"Huge, positive development. Russia is in trouble," political scientist Michael McFaul, a former US ambassador to Russia.
The termination of the 34-year contract comes after months of wrangling between the two companies, in which Gazprom switched off the gas supply to OMV last month.
Austria framed the move as defiance against Russian energy blackmail attempts.
It's a key step in Europe's thorny path to gaining energy independence from Russia.
A European gas supplier ended a decades-long contract with Gazprom, the Russian state-owned energy juggernaut.
Analysts are hailing the decision as a sign of Europe moving to be more resilient in its energy supplies.
The Austrian gas conglomerate OMV announced on Wednesday that it was cutting ties with Gazprom over a protracted contract dispute, ending its dealings with Russia.
OMV was one of the last large, long-term buyers of Russian gas.
"Huge, positive development. Russia is in trouble," political scientist Michael McFaul, a former US ambassador to Russia.
The termination of the 34-year contract comes after months of wrangling between the two companies, in which Gazprom switched off the gas supply to OMV last month.
1 month ago
