Austria's Economy Minister says Russian gas embargo is 'red line' for the country

Various European countries are seeking alternatives to limit their reliance on Russian gas supplies. However, some EU countries believe that they are not ready for the Russian gas embargo as it would hurt their energy security. On Friday, the Austrian Minister of Digital and Economic Affairs Margarete Schrambock stated that a Russian gas embargo would be a "red line" for Austria in an interview with Funke Media Group. She said that a gas embargo is a clear red line for Austria, adding that they should not send any signals for an embargo unless they are able to continue with it.

The minister further stated that neither Austria nor Germany will be able to resist as both the countries have stated that such an embargo would cause more harm than good. In addition, Schrambock urged that the EU adopt fracking to produce gas, stating that there are environment-friendly methods for extracting shale gas. She also stated that the lawmaker is advocating for new cooperation, such as in solar energy and hydrogen with Saudi Arabia.

With the exception of the gas embargo, Austria claims to support all sanctions against Russia. As part of the sixth round of sanctions on the Russian Federation which was revealed on Wednesday, the European Commission proposed measures to phase out Russian oil, with the EU chief Ursula von der Leyen stating they will ensure that Russian oil is phased out in a way that permits them to acquire alternative supplies.

OMV's CEO warns that countries are not prepared for Russian gas embargo

Earlier, in an interview with the Kurier, CEO of the Austrian oil and gas giant OMV Alfred Stern warned that EU countries were not prepared for a Russian gas embargo and that such a move would have serious economic ramifications for Europe. He also indicated that turning off the gas supply would have far-reaching economic consequences, stating that homes use approximately 20% of gas per year on average and that they require about 35% for energy production and 40% for the industry. The report suggests that OMV has no plans to stop receiving Russian gas. It was also stated that gas from storage facilities might be used to service customers if, Russian gas supplies are disrupted.

Image: @margarete_schramboeck/Instagram/ AP