``The current stand-off between Russia and the West over the situation in Ukraine will not affect the scheduled construction of South Stream gas pipeline, Financial Times reported Sunday quoting the head of the Austrian energy group OMV.''

He added that possible EU sanctions against Russia targeting the country's gas industry would be an unwise decision.

"We have had integration in the area of gas with Russia for 45 years. Customers rely on getting their gas delivered. For that reason I don't see any room for sanctions on gas,"

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