European Gas Prices Jump as Gazprom to Halt Supplies to Austria
- OMV said Russia will cut gas deliveries from Saturday
- Region’s benchmark contract rose to highest in a year
An OMV refinery near Vienna, Austria.
Photographer: Joe Klamar/AFP/Getty ImagesThis article is for subscribers only.
European gas prices jumped after Austria’s OMV AG said Russia will cut off fuel deliveries from Saturday.
Gazprom PJSC notified Austria that it will cut supplies to zero, according to a filing by OMV. The halt comes after the Austrian energy company said on Wednesday it would stop payments to the Russian firm to recoup a €230 million ($242 million) arbitration reward.