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BREAKING
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

Euro slides to 20-year low against the dollar

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Sep 2022 10:13
  • 1 Shares
3 Min Read

The euro sinks 0.70 percent to 0.9884 dollars, its lowest level since December 2002.

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  • The euro sunk 0.70 percent to 0.9884 dollars.
    The euro sunk 0.70 percent to 0.9884 dollars.

The European Union's single currency fell below $0.99 on Monday, dropping to a 20-year low against the dollar. The euro sunk 0.70 percent to 0.9884 dollars at 0535 GMT on Monday, its lowest level since December 2002.

Since the beginning of the year, the euro has continued to fall against the dollar, weighed down by economic uncertainty and the war in Ukraine.

Russian gas giant Gazprom stated on Friday that the Nord Stream pipeline due to reopen at the weekend would remain shut indefinitely.

In addition to stopping for maintenance, the two strings of the pipeline are being tested for mechanical components and automation systems from July 11 to 21. 

European governments, markets, and companies, with the 10-day shutdown of gas flows, fear the pipeline closing down as the war in Ukraine goes on, or fear that Russia would extend the scheduled maintenance to reduce European gas supplies.

Russia, through Nord Stream 1, transports 55 billion cubic meters of gas per year to Germany through the Baltic Sea. Last month, this flow was reduced by 40%, as Russia blamed the reduction on delays in returning equipment being repaired by Siemens Energy, a German company, in Canada. 

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The Nord Stream 1 pipeline is highly significant for Europe. Running through the Baltic Sea to Germany, the gas pipeline supplied around a third of the Russian gas exports to Europe. Before its shutdown for maintenance last week, the pipeline was running at 20% of its capacity.

If the scheduled maintenance were to have an extension, plans to store quantities of Russian gas for the winter will be disrupted, worsening the current gas crisis in Europe. This has led to drastic measures and painful price hikes.

Prices all over Europe have been inflated by almost 400% due to the restricted gas flow from Russia, with expectations that they increase further after Moscow went back on its decision to continue pumping gas through Nord Stream 1 to Germany due to maintenance issues.

Surging costs of power linked to gas prices have already stunted the production of various industries, such as fertilizers and aluminum manufacturers, and prompted EU governments to increase their spending by billions in order to help their citizens.

The Ukraine war has led to an energy crisis across Europe, with August emerging as the month with the highest surging prices on record for power tariffs in the bloc, Rystad Energy said this week.

Meanwhile, Russia has underlined several times that it was not weaponizing energy and that the Western sanctions on it, as well as technical difficulties due to said sanctions, have been restricting the flow of gas and oil. Meanwhile, the sanctioning parties - essentially countries most damaged by the self-imposed sanctions - have been accusing Moscow of weaponizing its resources.

Read next: In what direction is the euro heading?

  • European Union
  • Dollar
  • war in Ukraine
  • Gazprom

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