The Austrian energy company OMV warned of the possibility of cutting off Russian gas supplies to it. Which could lead to a significant rise in gas prices in Europe.

These warnings come amid fears that a legal battle between Russia's Gazprom and another European energy company could lead to a suspension of payments. Which prompts Gazprom to stop supplies.

OMV explained that it had received notice of a court ruling requiring it to transfer its payments to Gazprom to a third party, which could disrupt gas flows. Although the immediate impact is not clear, analysts warn that any interruption of supplies could lead to a sharp rise in gas flows. Prices, with European and Asian LNG prices likely to double by January 2024.

Austria is particularly vulnerable to supply disruptions; It depends on Russia to meet approximately 80% of its gas needs.

While OMV emphasizes its ability to secure alternative supplies from sources such as Norway and LNG, this could be expensive and increase pressure on European consumers who are already suffering from high energy costs.

It is noteworthy that gas prices in Europe have risen significantly since the Russian invasion of Ukraine in February 2022, when Western countries imposed sanctions on Russia that reduced supplies.