President Alexander Van der Bellen spoke Sunday after meeting with Chancellor Sebastian Kurz. Vice chancellor Heinz-Christian Strache has been caught on camera speaking to a woman who claims to be a Russian investor.
They discussed how the woman could support their campaign during the 2017 general election in Austria in exchange for future preferences in getting government contracts in the field of construction.
President Alexander van der Bellen later said in a statement that "a new beginning should take place quickly, as the provisions of the Federal Constitution permit" and that he pleaded to hold the elections in early September.
Kosachev also said that the incident was "part of a well-planned global campaign" and other "revelations" would follow with "a Russian trace" to be found.
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Earlier in the day, Kurz has said that holding new elections is now a "necessity, not a wish", after he earlier proposed organising snap elections as soon as possible after the video scandal.
President Van der Bellen said: "Everything must be done to restore trust in officeholders, in the representatives of the people".
The scandal also underlined concerns about Russian influence among European populist movements, in particular because the Freedom Party was in government and could influence legislation and policy.
But Austrian Chancellor Kurz went even further. Kurz has called for an early election after the resignation of his vice chancellor spelled an end to his governing coalition.
Strache on Saturday resigned from all political posts, and blamed his actions on alcohol and acting like a "teenager", saying his behaviour had been "stupid" and "irresponsible" and that he was leaving to avoid further damage to the government.