The euro fell below $0.99 for the first time in two decades after Russia announced on Friday that it would stop natural gas flow to Europe via the pipeline. North transfer Indefinitely after closing for maintenance on Wednesday (31).
The euro zone currency, used by 19 member states, fell 0.44 percent this morning. Previously, it had dropped to $0.988, its lowest level since 2002.
What caused the fall? Fears about the global economy caused investors to flock to the dollar, which is seen as a safe-haven asset.
Russia’s move came after the G7 measure. State-owned Gazprom said it would stop flows until it fixes an oil spill in a turbine. The suspension comes after G7 finance ministers finalized an agreement to limit Russian oil prices. Last week, Russia reduced the natural gas flow from Nord Stream 1, which reached Germany, to only 20% of capacity.
Friday’s close sent natural gas prices back to record highs on Monday.
European benchmark TTF natural gas futures rose 32.61% to 276.50 euros ($274 per megawatt hour) on Monday, pushing them on their way to their biggest daily gains since May.
Relations between Europe and Russia have soured since the country invaded Ukraine in late February.
source: Noticias
