Euro hits 20-year low against the dollar

The euro fell to a 20-year low against the dollar on Monday as Europe’s energy crisis intensified.

The single currency dipped below parity with the dollar and was trading at $0.988 after Russia indefinitely suspended gas flows through the Nord Stream 1 pipeline to Germany, sending gas prices surging, reports sharecast.com.

Gazprom said on Friday that the decision not to resume gas supply was due to an oil leak detected at the last compressor unit still in operation at the Portovaya compressor station. It said the repairs could only be carried out "in conditions of a specialised repair shop".

However, the statement from Gazprom quickly followed an announcement from the G7 that it would be implementing a price cap on purchases of Russian oil.