Bloomberg reported, citing the country’s Minister of Energy, Leonora Glevesser, that the Russian special operation in Ukraine revealed the “bitter truth” about dependence on Austrian energy sources.
Austrian gas storage facilities are only 20% full. This figure is the lowest in Europe. According to the report of the Austrian Energy Agency, Vienna will be able to completely stop gas imports from Russia only after five years.
As the Minister of Energy stated, there is currently no alternative to large reserves of raw materials, so it is necessary to create a strategic reserve.
“… Russia’s special operation in Ukraine has revealed to the country the “bitter truth”. At the same time, his government is struggling to break free from Gazprom’s half-century grip,” writes the article’s author.
EU countries and the USA imposed sanctions on Russia after the start of the special operation against Ukraine. The restrictions have affected the banking sector and the energy sector. At the same time, the West cannot completely abandon Russian raw materials due to their strong dependence.
I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times.