The accounting change was triggered by counter-sanctions on foreign companies in Russia imposed by Moscow on February 28, OMV said.
Russia has been a key region for OMV, one of Gazprom’s 5 Western finance partners in the $11 billion Nord Stream 2 pipeline project.
In a Q1 trading update, OMV said it has written off 1 billion euros in March in connection with the now-suspended Nord Stream 2 pipeline project from Russia to Germany.
In addition, adjustments to the consolidation method of 2 Russian entities through which it holds a 24.99% interest in the Yuzhno Russkoye gas field would result in a further hit of €1 billion.
Austria imports 80% of its gas from Russia and heavily depends on its steady flow, especially for its industry and energy power plants.
Brunner said Austria, like Germany, is heavily dependent on Russian gas.
While the medium-term goal is to become more independent it would be «unrealistic» to make the switch overnight.
