OMV takes 2 billion euro Q1 hit from Russia business

The logos of Austrian oil and gas group OMV and Gazprom are seen prior to a news conference in Vienna, Austria, December 14, 2016. REUTERS/Leonhard Foeger/

VIENNA, April 8 (Reuters) – Austrian energy group OMV (OMVV.VI) said on Friday it would take a 2-billion-euro ($2.17 billion) hit in the first quarter of this year due to its business in Russia as it seeks to distance itself from the country after its invasion of Ukraine.

Last month, the Austrian oil and gas firm said Russia would no longer be one of its core regions, joining other Western energy rivals in pulling back from Russia. read more

In a first quarter trading update, OMV said it wrote off 1 billion euros in March in connection with the Nord Stream 2 pipeline project from Russia to Germany, which Berlin has halted.

In addition, adjustments to the…