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The euro falls to a 20-year low against the dollar, prompting the devaluation

Politiko 2022-09-05 09:27:15

The euro falls to a 20-year low against the dollar, prompting the devaluation

The euro fell below $0.99 on Monday, the lowest level in 20 years, after the announcement that Russia will cut gas supplies to Germany via the Nord Stream pipeline.

The euro fell 0.70 percent to $0.9884, the lowest since December 2002. The European currency has continued to weaken against the dollar since the start of the year, hit by economic turbulence and uncertainty caused by Russia's invasion of Ukraine.

Following the imposition of economic sanctions for the Kremlin's occupation of Ukraine, Russia has reduced or cut off gas supplies to various European countries, causing energy prices to rise.

The Kremlin has blamed the reduction in supplies through Nord Stream on European sanctions, which it says have blocked the return of a Siemens turbine that was undergoing repairs in Canada.

Source: France 24

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