The talks are expected to focus on bilateral ties and relations between Russia and the European Union, whose six-month rotating presidency Austria will take over on 1 January.
Schuessel met today with Prime Minister Mikhail Fradkov and called for reinvigorating a partnership and cooperation agreement, which is due to expire in one year.
Russian news agencies quoted him as saying that for the EU, Russia is a "strategic partner."
Fradkov said Russia is seeking a constructive dialogue and cooperation in all fields.
The Austrian chancellor is due to meet President Vladimir Putin later today.