A complete interruption of Russian gas supply through Ukraine would likely only have a limited and temporary impact on Europe's energy markets thanks to ample gas storage, alternative entry points and increased access to new global LNG supplies in the coming years. Russian state-owned gas giant Gazprom interrupted natural gas supplies to Austria on Nov. 16. The interruption followed a Nov. 13 warning from Austrian energy group OMV that Russia could disrupt supplies after an international arbitration ruling awarded Austria 230 million euros ($243 million) against Gazprom for damages related to Moscow's September 2022 decision to cease natural gas exports to Germany (including volumes destined for Austria). OMV's warning said the company expected a "deterioration of the contractual relationship" with Gazprom and a "potential halt of gas supply" as a result of the ruling, particularly as it planned to immediately recoup damages won in the arbitration by withholding payments for...
