Austria to import gas from Germany, Italy after halting of Russian gas supplies

Austria says it plans to import natural gas from Germany and Italy to mitigate the impact of the halting of Russian gas through Ukraine, but rising energy prices remain a concern.

Russian energy giant Gazprom said Wednesday that it had stopped gas supplies transiting through Ukraine due to the expiration of key agreements and the lack of renewal by the Ukrainian side.

Gazprom said Ukraine had repeatedly and unequivocally refused to extend these agreements, leaving the Russian company without the technical and legal means to continue the gas transit through Ukraine.

Austria is one of the European countries directly affected by the end of the supply, and while the Austrian government has sought to give assurances that gas shortages will be avoided through additional imports from Germany and Italy, many believe that higher gas prices are inevitable.

The Austrian Gas Grid Management AG (AGGM) confirmed on Wednesday that gas deliveries through the affected pipeline network have ceased, but stressed that Austria's energy sector had been prepared, and that domestic gas supplies will remain secure.

However, experts from the Energie-Control Austria (E-Control), the Austrian regulatory authority for the electricity and gas markets, forecast a short-term rise of three to ten euros per megawatt-hour (MWh) for natural gas.

Austrian newspaper Wiener Zeitung (WZ) has also reported that while gas prices are unlikely to soar as they did when the Russia-Ukraine crisis erupted in 2022, even a 10 percent increase would represent a significant financial burden for households and businesses, which could further pressure inflation.

The supplies of Russian gas through Ukrainian territory stopped on January 1 at 08:00 Moscow time, Gazprom said Wednesday in a statement.

Ukraine's Ministry of Energy reported that the transit of Russian natural gas through its gas transmission system was stopped at 07:00 Kyiv time Wednesday. The decision was made in the interest of national security, the ministry said, noting that Ukraine had informed its international partners about the move in the prescribed manner.

Austria to import gas from Germany, Italy after halting of Russian gas supplies

Austria to import gas from Germany, Italy after halting of Russian gas supplies

Austria to import gas from Germany, Italy after halting of Russian gas supplies

Austria to import gas from Germany, Italy after halting of Russian gas supplies

The 2026 Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting will be held from May 22-23 in Suzhou City, east China's Jiangsu Province, with preliminary consultations and seminars kicking off on Monday.

Multiple consultations have commenced, including discussions on the joint statement to be issued at the meeting and ways to promote cooperation in digital trade.

Additionally, the "Big Market for All: Export to China" Suzhou special event and the Suzhou products promotion event opened Monday.

Experts emphasized that the minister's meeting will play a timely role in advancing regional economic integration and tackling emerging trade challenges through deeper cooperation in digital and green sectors.

"APEC is the highest-level and most influential economic cooperation mechanism in the Asia-Pacific region. On the 20th anniversary of the vision for a Free Trade Area of the Asia-Pacific (FTAAP), the 2026 Suzhou APEC Ministers Responsible for Trade Meeting will play a positive role in safeguarding the multilateral trading system, stabilizing Asia-Pacific cooperation, and leading global open development, countering the increasingly intensifying wave of trade protectionism," said Yuan Qian, deputy director of the trade and investment research division of the Institute of World Economics and Politics, which is under the administration of the Chinese Academy of Social Sciences.

"At the same time, as a new round of technological revolution and industrial transformation accelerates, this meeting takes cooperation in emerging areas such as digital and green as important content, better aligning with the trend of global technological innovation and development, countering global economic growth pressures, and opening up new spaces for regional cooperation and development," the expert added.

Terms such as digital economy, electronic bills of lading, and green supply chains appear frequently in the agenda of the APEC trade ministers' meeting.

"Although electronic bills of lading may seem small, their impact on international trade is very critical. They can improve customs clearance efficiency and reduce customs clearance costs. If promoted, it will not only affect these developed economies and large traders, but more importantly, it will significantly enhance the ability of some small and medium-sized economies and some developing countries to participate in international trade and improve their trade efficiency," said Zhou Mi, deputy director of the Institute of American and Oceania, Chinese Academy of International Trade and Economic Cooperation, which is under the administration of the Ministry of Commerce.

This year, a key topic of the meeting is the digital economy.

"In the past, people thought the digital economy was an option; now it has become a must. Because having advantages in digital economy development means having greater advantages in international trade. They (member economies) have seen some of China's practices and approaches in the digital economy field and hope to use such a platform to further improve their own technology and strengthen coordination with China," said Zhou.

Founded in 1989, the APEC is the highest-level, broadest and most influential economic cooperation mechanism in the Asia-Pacific region. About 700 representatives from 21 APEC economies and international organizations will gather in Jiangsu for the APEC Ministers Responsible for Trade Meeting.

Preliminary consultations begin for APEC trade ministers' meeting