While the trade embargoes correspond with international law, "normal relations" with Russia should be a long-term goal for Vienna, Finance Minister Hans Joerg Schelling told reporters in St. Petersburg, Russia.
During his visit, Austrian state-owned oil producer OMV and Russia’s Gazprom signed an agreement to swap assets in Siberia and the North Sea.
"The actions show the challenges facing German Chancellor Angela Merkel to keep the EU united behind the sanctions imposed over Russia’s involvement in the Ukrainian conflict," the article read.
This will "breathe new life into Austrian business," according to Bloomberg.
In addition to financial agreements, the deal includes scientific and cultural partnership.
"We don’t only want to bring the two companies together, but also the two countries," Seele said.
Gazprom will strengthen cooperation with OMV "from upstream to supplies to end users," CEO Alexei Miller said.