Euro, Stocks Tumble as Russia Pulls Rug on Gas Supplies
- Currency falls below 99 US cents while European stocks slump
- Russia’s Nord Stream cutoff set to undermine euro further
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European stocks dropped for the sixth time in seven days, and the euro sank to a 20-year low, after Russia escalated the continent’s energy crisis by shutting off key gas taps, signaling a long cold winter ahead for businesses and households in the region.
European nations led by Germany announced measures over the weekend to tackle a cost-of-living crisis and spiraling energy prices after Russian state gas producer Gazprom PJSC Friday said it would indefinitely halt supplies through the Nord Stream pipeline.