The euro plunged below $0.99 yesterday for the first time since the end of 2002 as the European currency suffered from fears for the European economy following the announcement on Friday of the complete shutdown of the Nord Stream 1 gas pipeline by the Russian Gazprom. The euro fell 0.25% to 0.9929 dollars in the followingnoon, following falling to 0.9878 dollars, its lowest level since December 2002, the year it was put into circulation. Since the beginning of the year, the European currency has lost 13% once morest the dollar.
The G7 countries targeted Russia’s energy windfall on Friday by agreeing to cap the price of its oil, provoking a reaction from Moscow that shook Europeans by announcing that the Nord Stream 1 gas pipeline, vital for the energy supply of Europe, would be totally stopped until a turbine was repaired. This stop is deemed, from a technical point of view, unjustified by the turbine manufacturer Siemens Energy.
The euro plunged below $0.99 yesterday for the first time since the end of 2002 as the European currency suffered from fears for the European economy following the announcement on Friday of the complete shutdown of the Nord Stream 1 gas pipeline by the Russian Gazprom. The euro fell 0.25% to $0.9929 in the followingnoon, following falling as low as $0.9878, its lowest…
