Euro hits 20-year low against dollar
Following last week’s announcement that Russia would halt gas supply to Germany via the Nord Stream pipeline, the euro dropped below $0.99 on Monday, a 20-year low.
At 05:35 GMT on Monday, the euro sank 0.70 percent to 0.9884 dollars, its lowest level since December 2002.
Since the beginning of the year, the European currency has continued to depreciate against the U.S. dollar due to economic turmoil and uncertainty sparked by Russia’s invasion of Ukraine.
The Russian gas company Gazprom announced on Friday that the Nord Stream pipeline, which was scheduled to resume this weekend, will stay closed indefinitely.
Euro hits 20-year low against dollar
During a planned three-day maintenance operation, the company stated that it discovered “oil leaks” in a turbine and that the pipeline would stay closed until it was repaired.
The pipeline that runs from near Saint Petersburg to Germany under the Baltic Sea was scheduled to resume deliveries on Saturday.
As a result of economic sanctions imposed in response to the Kremlin’s invasion of Ukraine, Russia has cut or halted supply to many European nations, forcing energy prices to skyrocket.
European sanctions, according to the Kremlin, have impeded the return of a Siemens turbine that was undergoing maintenance in Canada, resulting in a reduction of supplies via the Nord Stream pipeline.
