Austrian gas company OMV said Russia will cut deliveries from Saturday, sending European gas prices higher.
The volume of natural gas affected by the decision amounts to 7,400 megawatt-hours, according to the notice, CIGH reported on Friday.
OMV said in a statement that Russia’s Gazprom notified the company that it would cut supplies to Austria to zero. The cut comes after the Austrian energy company said it would halt payments to recover a €230 million ($242 million) arbitration award against the Russian company.
The benchmark contract price in the region rose as much as 2.7%, reversing earlier losses and trading at its highest levels in a year.
