Austrian oil and gas firm OMV said on Wednesday it had ended its long-term contract with Russian energy giant Gazprom after the latter ceased supplying gas to Austria last month.

"OMV today announced the termination of its long-term natural gas supply contract with Gazprom Export in reference to multiple fundamental breaches of contractual obligations by Gazprom Export," the Austrian company said in a statement.

The gas supply contract, first signed in 1968, was due to run until 2040.

OMV was the first Western company to sign a gas supply deal with the former Soviet Union.

Gazprom stopped gas deliveries on Nov. 16 to Austria, which has long been heavily dependent on Russian gas.

Right up to the summer, Austria was importing 90% of its gas from Russia, via Ukraine.

Environment Minister Leonore Gewessler, however, has insisted that Austria's energy supply is secure.

Domestic gas storage facilities were full and currently able to meet more than one year's consumption for Austria, she said last month.

Gazprom took the decision to cease supplying Austria after OMV announced that it had been awarded 230 million euros ($243 million) following its launching of arbitration proceedings against Gazprom over irregular gas supplies.

The award was given under the rules of the International Chamber of Commerce (ICC).

OMV said the award would be set off against its payments due to Gazprom.

CEO Alfred Stern said that OMV would be able to make up the shortfall from its own production in Norway and Austria, third parties and additional volumes of liquified natural gas (LNG).

Since Russia invaded Ukraine in 2022, countries across the European Union have worked to shift their dependency away from Russian gas.