Austria's OMV has been informed by Gazprom that the Russian gas producer would reduce to 0% its deliveries of natural gas from 0500 GMT on Nov. 16, according to information published on the CEGH Remit platform on Friday.

European gas prices jumped as Austria’s OMV AG said Russia will cut deliveries from Saturday. Gazprom PJSC notified the company that it will cut supplies to Austria to zero, OMV said in a statement. The cut off comes after the Austrian energy company said it will stop payments to recoup a €230 million ($242 million) arbitration reward against the Russian firm.

Gazprom Export has announced that it will be halting gas supplies to Austria, following the latter's biggest state-owned fossil fuel company, OMV, winning an arbitral award against it. View on euronew

Russian gas supply to oil and gas company OMV in Austria is at risk of stopping before the end of the year due to an arbitration case against Gazprom, the company said.