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 suspension means Russia will now only supply significant gas volumes to Hungary and Slovakia,

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.

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, the company said.