Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

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.

  • x
  • 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. 

Related News

Dollar declines as investors await progress in trade talks

European markets rise as dollar slumps amid 'Trumpcession' fears

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

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS