By Joshua Manning • 05 September 2022 • 9:31
Euro hits 20-year low against US dollar after Russia turns off gas Credit: MaxZolotukhin/Shutterstock.com
The euro has now hit a 20-year low against the US dollar due to Russia turning off a gas pipeline to Europe.
It now sits below $0.99 on Monday, a 20-year-low, following Russia’s announcement last week that it would cut off gas deliveries to Germany via the Nord Stream 1 pipeline.
On Monday at 5.35.am GMT, the euro fell 0.70 per cent to 0.9884 dollars, the lowest figure since December 2002.
The European currency has continued to weaken against the dollar since the start of the year.
Gazprom announced that its Nord Stream 1 gas pipeline has been suspended indefinitely due to a reported oil leak, as reported on Friday, September 2.
Gazprom announced the indefinite suspension of the Nord Stream 1 gas pipeline on their official Telegram stating:
“On the results of the maintenance of GCU No.24 at Portovaya CS.”
“During routine maintenance works on the Trent 60 gas compressor unit (GCU No.24) of Portovaya CS, performed jointly with representatives of Siemens, oil leakage was detected with an admixture of sealing compound at the terminal connections of cable connections of low and intermediate pressure rotor speed sensors.”
“Oil was detected on the cable connector of the connection plate BPE2, which is part of the motor.”
“Oil was also detected in the area of the cable line in the external terminal box of the GCU’s automatic control system outside the noise-insulating casing.”
“The oil leak detection report was also signed by Siemens representatives.”
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at email@example.com.
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