Foreign Minister Alexander Schallenberg said on Friday that Austria will continue to oppose adding the Nord Stream 2 gas pipeline in a package of sanctions against Moscow that the European Union is drafting in the event of a Russian invasion.

OMV (OMVV.VI), an Austrian oil corporation, is a partner in the Russian gas giant Gazprom's pipeline project connecting Russia and Germany, which has been completed but is still awaiting German and EU regulatory permission. Austria owns 31.5 percent of OMV and is a strong supporter of the initiative.

If Russia invades Ukraine, US President Joe Biden stated on Monday that the $11 billion project will "come to an end." The US has long opposed Nord Stream 2, claiming that the project will only deepen Europe's reliance on Russian gas.

"I once compared it to a car without an engine. It is not even operational," Schallenberg told Reuters.

"To discuss it publicly in Europe as if it were a central element of a credible package of sanctions against Russia makes no sense to me logically," he added.

The Ukraine crisis, German Economy Minister Robert Habeck stated earlier on Friday, will play a part in the project's clearance process, but Schallenberg felt that sanctions would be unnecessary.

"It is unthinkable that the German authorities would grant the technical approval for operations if it comes to an act of military aggression," Schallenberg said.

Austria, on the other hand, would "back a consensus" on penalties on the project, he said, without going into detail.

The European Union has stated that it is prepared to impose "major" economic sanctions on Russia "if it invades Ukraine," although officials have stated that this is liable on difficult negotiations among member states, which are still ongoing.

Schallenberg claimed talks were "quite advanced" and that nothing had been ruled out, but he wouldn't go into specifics.