Gazprom could stop flow of gas into continent as result of their legal battle with Austrian company OMV

Europe’s gas market rose by as much as 5% on Thursday to its highest price in a year after one of the continent’s biggest gas traders said that there could be a halt on gas supplies from Russia.

Austrian gas trader OMV has said that a court decision awarding the company compensation after its dispute with a subsidiary of Russia’s Gazprom could lead the state-owned gas giant to halt supplies.