Austrian Chancellor urged to “stop the madness” in energy markets

Austrian Chancellor Nehammer stated the need to “stop the madness” in the energy market, Austrian Chancellor Karl Nehammer called for “stopping the madness” in the energy markets.

This is reported by Reuters.

Nehammer believes that a unified European approach is needed to solve the situation around rising energy prices. “Something must finally happen. This market will not regulate itself in its current form. I call on all 27 EU member states to unite to immediately stop this price explosion,” the politician said.

The Reuters article notes that Austria is heavily dependent on Russian gas, especially in industry and heating — supplies from Russia accounted for about 80 percent before the start of the special military operation.

Austrian politician, presidential candidate Gerald Gross in early August called the EU’s policy towards Moscow schizophrenia. He noted that the complaints of European leaders about the gas situation look stupid.

Earlier, Gazprom announced the suspension of the Nord Stream-1 gas pipeline for the period from August 31 to September 2. This news has raised concerns in Europe. Thibaut Spirle, an analyst at the Daily Express, suggested that Russia could completely block the pumping of gas through the SP-1 pipeline, thereby dealing a “fatal blow” to the European Union.