In the first trading day after Ukraine ceased the flow of Russian gas and oil, benchmark natural gas prices in Europe surged 4%.

Since January 1, when the transit of Russian gas through Ukraine stopped, in Austria and Slovakia has sharply increased gas extraction from storage facilities, and Austria and the Czech Republic have resumed fuel imports through Germany.

The Freedom Party and its leader, Herbert Kickl, have steadily built support by demonizing immigrants, while entering Austria’s political mainstream.

U.S. President-elect Donald Trump takes office on January 20 having criticized continued U.S. military aid for Ukraine's fight against Russia. This may shift the onus on support for Kyiv to fall on other allies, particularly in Europe, where a changing political leadership since his election could complicate matters.

Austria's far-right Freedom Party (FPO), which won September's parliamentary election with 29% of the vote, is due to start coalition talks with the conservative People's Party (OVP) this week aimed at creating the country's first FPO-led government.

Vienna could be about to get its first far-right leader since World War II. Europe’s mainstream sees trouble brewing.

Even so, according to polls, the FPÖ will do still better if snap elections are held. Kronen Zeitung, Austria’s largest-circulation tabloid, published a poll on January 5th that put the FPÖ at 37% of the vote, which would give them around 40% of the seats in parliament. That should focus the minds of the ÖVP ’s negotiators. ■

Austria's OMV Romanian unit has struck a deal to supply Germany's Uniper with gas from its Black Sea project from 2027, three people familiar with the matter told Reuters, as Europe seeks new ways to boost energy security after cutting ties with Russia.

It is usually customary to sum up the results of the outgoing year in the last days thereof. I will try to do this after the New Year holidays have already passed. If you can describe the past year in one phrase,

The Austrian far-right FPÖ’s likely return to government raises concerns about the erosion of liberal democracy.