Euro Drops Below 99 Cents as Russia Cuts Main Gas Line; Ukraine's Kherson Counteroffensive Advances
Stoyan Vassev | Press service of Gazprom Neft | via Reuters
Russia's Gazprom saw its shares surge on Wednesday after reporting bumper first-half profits and announcing a new dividend to shareholders. The Kremlin is rejecting blame for its halting of gas supplies to Europe via its Nord Stream 1 pipeline, pointing instead to Western-imposed sanctions that it says has made it impossible to acquire the parts needed to keep the pipeline infrastructure running.
Western sanctions were"causing chaos" to necessary maintenance work on the pipeline, Kremlin spokesman Dmitry Peskov said in a conference call with media, disagreeing with European leaders' accusations that it was weaponizing its gas supplies. Russian state gas provider Gazprom, which supplies the gas for the Nord Stream 1 pipeline connection to Russia and Germany, completely halted its supplies to Europe after detecting what it said was an oil leak.The euro has fallen below 99 cents for the first time in 20 years after Russia said it wouldThe euro was hovering just below the 0.99 level as European markets opened Monday, trading at 0.9893 versus the dollar shortly after 8:00 a.m. London time .
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