Russia told Austria on Friday it will suspend gas deliveries via Ukraine on Saturday, in a development that signals a fast-approaching end of Moscow's last gas flows to Europe.

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

European gas prices jumped after Austria’s OMV AG said Russia will cut off fuel deliveries from Saturday.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,

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.

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.

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.

Russia will stop its gas deliveries to Austria from Saturday, Austrian energy company OMV said on Friday. OMV said it had received notice from Gazprom Export, a subsidiary of Russia's state-owned energy giant Gazprom.

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