A far-right party founded by former Nazis won the most votes in Austria’s election Sunday, in a result that could reshape Europe’s political landscape and help tilt the balance of power between Russia and the West.

The pro-Russia, anti-immigration Freedom Party, or FPÖ, finished first with 29.2% of the vote, according to near-complete results.

It appears to have knocked the ruling conservative Österreichische Volkspartei (ÖVP), or Austrian People’s Party, into second place, with 26.5%…