OMV: Sanctions on Russia 'Will Not Hinder' South Stream

Austrian energy concern OMV has assured restrictive EU measures against Russia will not put a wheel on the South Stream gas pipeline project.

The company's CEO Gerhard Roiss was quoted by Austrian daily Kurier as comparing a ban on the construction of South Stream to "shooting oneself".

He dismissed any likelihood that sanctions could have an impact on the project.

Roiss also made clear that Russian gas supplies were reaching Austria unhindered "despite the civil war in Ukraine".

OMV's chief executive also downplayed fears that the gas pipeline, which is to reach Austria after via Bulgaria, Serbia and Hungary, could fail to start gas deliveries due to Brussels's refusal to give it the green light.

He reminded that an "offshoot" of Nord Stream (supplying Germany with Russian gas), called Opal, had become operational, despite the fact that no agreement was reached between Berlin and the EU Commission on that matter.

Roiss' comments come against the backdrop of the sector sanctions which EU leaders imposed on Moscow last week over its actions in the Ukraine crisis.

EU member states approved a ban on exporting oil technology and investment into  economic development projects.

OMV inked a deal on South Stream with Russian energy concern Gazprom in July.

The event followed EU Commission's demand that the project be halted until discrepancies with Russia over its legal framework are smoothed out.

Bulgaria listened to the Commission's call and halted activities.

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