Austrian oil giant OMV stops Russian oil imports

OMV is one of Austria’s largest publicly traded companies, with a turnover of €36 billion and more than 20,000 employees. The large gas and oil drilling company produces plastics and fuel and runs gas stations.  [Shutterstock/Radu Bercan]

Austria, one of the EU countries most reliant on Russian gas, has stopped importing and refining Russian crude oil as of March, a  spokesperson for OMV confirmed.

OMV is one of Austria’s largest publicly traded companies, with a turnover of €36 billion and more than 20,000 employees. The large gas and oil drilling company produces plastics and fuel and runs gas stations.

“OMV no longer procures and processes crude oil from Russia in its refineries in Burghausen, Schwechat and Petrobrazi,” said a company spokesperson.

In March, the company, a partner to the contentious Nord Stream 2 pipeline, announced its intention to no longer pursue investments in Russia.

“Russia will no longer be a core region,” the company said, adding that it was seeking options to divest itself of Russian assets at a cost of over €1.5 billion.

For Austria, where Russian oil plays a much lesser role than the fossil gas from the Kremlin, replacing the oil is comparatively easy and likely won’t be reverted in the future, when the war in Ukraine ends.

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