Austria's chancellor says Russia's state-owned natural gas company Gazrom will cut off supplies early Saturday to Austrian utility OMV.

Russia told Austria it is suspending gas deliveries from Saturday in a development that signals a fast approaching end of Moscow's last remaining gas flows to Europe.

The Russian energy company Gazprom will stop sending gas to Austria effectively this weekend, said the country's energy major supplier, OMV.

Austrian integrated oil and gas company OMV announced on Nov. 13 that it had secured an arbitral award from the International Chamber of Commerce exceeding $243 million. This ruling relates to irregularities in German gas supplies provided by Gazprom.

In a notice published on the central European gas hub platform, Austrian oil and gas company OMV said it had been informed by Gazprom that the Russian gas producer would reduce its deliveries of natural gas to zero from 0500 GMT on Nov.

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Starting tomorrow, Russia’s energy giant Gazprom will stop supplying natural gas via Ukraine’s territory to the Austrian company OMV. — Ukrinform.

Russia's Gazprom has announced the suspension of gas deliveries to Austria, signaling a potential end to Russian gas flows to Europe. Austria, still reliant on Russian gas, faces energy crisis challenges.

Goerlich and Nina Chestney VIENNA/LONDON (Reuters) - 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,

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.