Putin's War Forces OMV to Make Most Fundamental Strategic Shift in Its History

PeopleExecutives ♦ Published: March 17, 2022; 21:30 ♦ (Vindobona)

Russia's aggression toward Ukraine is forcing OMV, the Austrian oil, gas and petrochemical group to take drastic measures. The company's management decided to stop all investment activities in Russia and to rely on alternative suppliers in the future. OMV thus joins many other companies that are slowly turning their backs on the Russian market.

OMV will not further expand its business activities in Russia in the future and will stop investments. / Picture: © OMV Aktiengesellschaft

OMV ends new activities in Russia. After years of doing business in Russia, the multinational integrated oil, gas and petrochemical company is now slowly withdrawing from the country, according to a press release.

Now the new strategy until 2030 has been published and provides more detailed insights.

Thus, no more investments are to be made in Russia in the future. Building on this, the contender aims to become CO2 neutral by 2050. …