icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
27 Apr, 2022 13:12

Euro crashes to five-year low

Energy uncertainty weakens the European currency
Euro crashes to five-year low

The euro plummeted to a five-year low against the US dollar during Wednesday’s trading, amid heightened fears of a possible energy crisis and an economic slowdown in Europe.

As of 11:01am GMT, the euro/dollar exchange rate was down to $1.061 from the previous closing level of $1.0636. Earlier in the day’s trading, the index fell to $1.0586, dropping below $1.06 for the first time since April 2017.

The euro weakened further after Russian energy giant Gazprom cut off gas supplies to Poland and Bulgaria over their refusal to pay in rubles, leading to uncertainty about the bloc’s energy security.

In March, Russian President Vladimir Putin announced that payments for natural gas supplies to the European Union and other countries that had imposed sanctions on Russia, were to be made in the Russian currency. The new payment mechanism has now been implemented, the Kremlin announced on Tuesday.

For more stories on economy & finance visit RT's business section