Financial TimesFinancial Times

Euro hits 20-Year low and gas prices jump on Russian pipeline shutdown

By Hudson Lockett, David Sheppard

05 Sep 2022 · 2 min read

Editor's Note

You should read this story to know how the knock-on effects of the complete shutdown of the Nord Stream 1 pipeline by Russia are already showing.

The euro dropped on Monday to a new 20-year low after Russia’s decision to shut a major gas pipeline to Europe intensified the energy crisis that has dealt a heavy blow to the region’s economy.

The common currency fell as much as 0.7 per cent to $0.988 in London trading, the lowest level since 2002. European stocks also fell, with the regional Stoxx 600 index down 1 per cent, Germany’s Dax off 1.7 per cent and France’s Cac 40 down 1.8 per cent. London’s FTSE 100 slipped 0.7 per cent.

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