Austria is set to be completely cut off from Russian gas supplies starting Saturday, marking the end of over six decades of dependence. Gazprom announced the halt in deliveries, sending European gas prices soaring to near one-year highs amid concerns of potential shortages just as winter approaches. The Austrian energy company OMV has been warned that deliveries will be reduced to zero, coinciding with their recent arbitration victory against Gazprom, which awarded them a compensation of €230 million for previous disputes. The energy environment in Europe remains highly unstable, with analysts predicting further price increases due to ongoing supply risks and heavy demand.