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Despite losing most of its European customers due to sanctions and the EU’s reduced dependence on its energy resources, Russia has found new customers for its unsold gas after the suspension of supplies to Austria.
What happened:
- Gas flows to Austria stopped on Saturday due to a price dispute between Gazprom and Austrian company OMV.
- Nevertheless, other countries, such as Slovakia, Hungary and the Czech Republic, increased their purchases, quickly buying back volumes previously earmarked for Austria.
Why it matters:
- Russian gas remains cheaper than alternative sources, which increases its attractiveness even amid geopolitical tensions.
- Current transit flows through Ukraine are 42.4 million cubic metres per day, remaining stable even after the suspension of supplies to Austria.
What’s next:
- Austria has assured that it has sufficient gas reserves to cover the shortfall and is considering alternative supply routes through Italy and Germany.
- The transit route through Ukraine may be closed at the end of the year, which will significantly reduce supplies to the EU.
Russia is gradually losing its market share in Europe, but the remaining flows are still in demand due to low prices.
