Euro hits 20-year low against dollar

Euro hits 20-year low against dollar


PARIS: The euro fell below a 20-year low of $0.99 on Monday after announcing last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline.

The euro was down 0.70% at $0.9884 by 0535 GMT on Monday, its lowest level since December 2002.

The euro has continued to weaken against the dollar since the start of the year amid economic turmoil and uncertainty sparked by Russia’s invasion of Ukraine.

Russian gas giant Gazprom said on Friday that the Nord Stream pipeline, which was due to reopen over the weekend, will be closed indefinitely.

The company said an “oil leak” in the turbine was discovered during a planned three-day maintenance operation and that the pipeline will remain shut until it is repaired.

Deliveries resumed on the pipeline from near St. Petersburg to Germany via the under-Baltic Sea, which was due to resume on Saturday.

After the Kremlin invaded Ukraine to impose economic sanctions, Russia reduced or stopped supplies to various European countries, causing energy prices to soar.

The Kremlin blamed the reduction in supply through Nord Stream on European sanctions, saying it prevented the return of Siemens turbines, which had been undergoing repairs in Canada.

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