Euro falls below $0.99 after Russia stops supplying gas to Europe

10 and 5 euros.

Adrien Fillon | Nurphoto | beautiful pictures

The euro fell below $0.99 for the first time in 20 years after Russia announced it would turn off its main gas supply pipeline to Europe indefinitely.

At 7:30 a.m. Monday London time, the euro was trading at 0.9898 against the dollar, just down from lows around 0.9881 reached earlier in the morning.

The dollar index, which measures the greenback against six major currencies, broke a two-decade high as the pound slid on worries about European energy supplies and economic growth.

On Friday, Russian energy supplier Gazprom announced they will no longer supply natural gas to Germany through the vital Nord Stream 1 pipeline, due to turbine malfunctions.

This is a breaking news story and will be updated shortly.

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