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Austria and Russia Business and Diplomatic Relations

Iran Could be Interesting Market for Austrian Automotive Suppliers

According to Siegfried Wolf, ex had of ÖIAG and CEO of Russian Machines, the Iran would be an interesting market for the automotive supplier industry, once sanctions get lifted. He noted in an interview for WirtschaftsBlatt (Monday issue) that the market was estimated at about 2 million cars and it has been stagnating for 15-20 years.


Warimpex Real Estate H1 Net Loss Widens to EUR 24.9 Mln on Russia Crisis

Listed hotel operator and developer Warimpex saw its net loss widen to EUR 24.9 million (USD 28.6 million) in H1 2015 from EUR 10.8 million loss a year earlier as the Russian crisis affected the operations, the company said in the H1 report.

August 27, 2015

OMV Wants to Muck Out for Russian Expansion

Austria’s listed oil and gas group OMV wants to clear out before pulling in on new shores: the company wants to get rid of gas-fuelled power plant Samsun on the Turkish coast, which costs OMV millions in write-downs.

August 19, 2015

Immofinanz Saw Rental Income Cave In

Property developer Immofinanz posted EUR 43.5 million from the sale of real estates in business year 2014/15 (ended on 30 April). The development of properties yielded a result of EUR 11 million, up from a loss of EUR 45 million in the preceding year. This allowed to compensate for the expected decline of the income of the asset management division (EUR 313 million, down from EUR 384 million a year earlier) due to lower rental income in Russia and the sale of properties.

August 7, 2015

Ukrainian Bank Ukrsotsbank Weighs Heavy on Bank Austria's Balance

The crisis in Ukraine has strained Bank Austria results in H1. The Ukrainian subsidiary Ukrsotsbank cost the bank consolidated result EUR 202 million (USD 219 million). However, at the same time the Russian subsidiary managed to yield substantial profits in spite of Russian sanctions and a weaker market and generally shrinking business.

August 6, 2015

Lukoil Concentrates International Business in Vienna

Russia’s Lukoil is concentrating its non-Russian business in Vienna. Via its local arm in charge of international business the oil group will generate USD 40 billion (EUR 36.5 billion), the company announced. The whole group generated last year USD 144 billion.

August 3, 2015

Russia Dragged Immofinanz Into the Red in 2014/15, No Dividend

The listed property group Immofinanz slumped deep into the red in the financial year 2014/15. The loss may reach EUR 361.4 million after EUR +72 million, the company is warning. The reason for this are bad macroeconomic conditions in Russia, which affected the value of shopping centres in Moscow. The company also had to devalue office property in Eastern Europe. This year shareholders will get no dividend.

August 3, 2015

BWT Permitted to Acquire Russian Filter Producer Mettem

The Russian antitrust authority FAS has approved the takeover of a majority stake in Russian filter producer Mettem Technologies by the Austrian water treatment specialist BWT. This was reported by the economic newspaper "Wedomosti”.

July 24, 2015

IAEA's Position and Road-Map Regarding Iran's Nuclear Program

The International Atomic Energy Agency (IAEA) and the Islamic Republic of Iran (Iran) agree, in continuation of their cooperation under the Framework for Cooperation, to accelerate and strengthen their cooperation and dialogue aimed at the resolution, by the end of 2015, of all past and present outstanding issues that have not already been resolved by the IAEA and Iran.

July 14, 2015

Iran Nuclear Deal: Historic Agreement in Vienna

The so-called P5+1 - the US, UK, France, China and Russia plus Germany and the EU have reached a "historic" deal with Iran on limiting Iranian nuclear activity in return for the lifting of international economic sanctions. The deal, known as the "Comprehensive Joint Plan of Action", was signed today in Vienna.

July 14, 2015