Kneissl predicted bankruptcy of Austrian business without gas from Russia

Austrian business is threatened with mass bankruptcy after the stoppage of gas supplies from Russia. This was stated by former Austrian Foreign Minister Karin Kneissl on November 17.

According to her, in 2021, Austria's dependence on imports of Russian fuel was about 75%, and by 2024 it increased to 90%.

"For many households (and I don't mean the low-income strata of the population), this has become an additional burden - very heavy against the background of general inflation, which is spurred on by high energy prices, among other things," Kneissl said on RT.

She noted that the country can trace the bankruptcy of the restaurant and hotel business.

"Austria is dependent on winter tourism, and many organizations have simply become unaffordable to pay energy bills," the former foreign minister added.

Earlier, on November 15, Austrian company OMV Gas Marketing & Trading GmbH (OMV) said it expects Gazprom Export to cut off gas supplies.

Before that, on November 14, it was reported that gas prices in Europe reached the highest level in the last year after the Austrian group OMV warned of possible supply disruptions from Russia.

In July, Russian Deputy Prime Minister Alexander Novak said that the future of Russian gas transit to EU countries through Ukraine depends on Kiev's willingness, Moscow is ready to continue deliveries even after the agreement is finalized.

On October 10, Gazprom CEO Alexei Miller said at a plenary session of the St. Petersburg International Gas Forum that Europe's policy on the gas market could lead to a new gas price shock and supply disruptions.

European countries are facing an unprecedented rise in gas and electricity prices due to the course to reduce energy imports from Russia, which was taken by Western countries as a measure of pressure on Russia after the start of the special operation to protect Donbass in February 2022.