Euro hits 20-year low as energy crisis ravages Europe

The Euro hit a 20-year low, sinking 0.43% to 0.9911 dollars on Monday as the energy crisis ravaged the European continent.

The plunge followed Russian gas giant Gazprom’s announcement that its three-day suspension of the Nord Stream 1 pipeline would be extended indefinitely, after maintenance works uncovered apparent oil leaks in the vital gas supply route.

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The pipeline was scheduled to reopen on 2 September before Russia announced the prolonged shutdown.

The new direction sent European markets into a spiral, with the German DAX plummeting 2.7% to 12,689.4 in morning trading.

European leaders have accused Russia of using the Nord Stream 1 pipeline as a weapon against the continent in its war against Ukraine, a claim which Moscow has denied.

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