Markets
Russian Gas Supply to Europe Faces Disruption Risk, OMV Warns
- Austrian firm will offset claim against Russian gas invoices
- European benchmark prices surge to highest since last November
The ruling comes as European gas markets brace for a halt in Russia supplies at the end of the year to some of its remaining customers.
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OMV AG warned Russian natural gas supplies may be disrupted as the company intends to stop paying for imports from Gazprom PJSC to recoup damages it won in arbitration. European futures surged to the highest in a year.
OMV doesn’t expect Gazprom to pay the €230 million ($242 million) award, which could prompt the Kremlin-controlled company to halt supplies and may boost reliance on costly liquefied natural gas.