OMV has received an arbitral award of over 230 million euros ($243.06 million) from the International Chamber of Commerce (ICC) in connection with irregular German gas supplies from Gazprom , the Austrian oil and gas group said on Wednesday.

Austrian energy player plans to enforce arbitration award from Russian company revenues for remaining exports to Europe

OMV AG warned Russian natural gas supplies may be curbed after it was awarded €230 million ($243 million) in an arbitration with Gazprom PJSC, boosting the Austrian firm’s profit while potentially ending procurement from the Kremlin-controlled company.

It is expected that there may be a deterioration of the contractual relationship" including a "potential halt of gas supply."

European gas futures jumped to their highest level in a year. This was due to fears that Gazprom may cut off supplies to Austria, Bloomberg reports. Futures on the TTF hub in the Netherlands rose by 3.

Austrian integrated energy company OMV said November 13 it had been awarded €230mn ($243mn) by an International Chamber of Commerce tribunal for damages related to Gazprom Export’s decision in September 2022 to cease natural gas exports to Germany under a contract with OMV.

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,