LONDON—The euro briefly sank below parity versus the Swiss franc for the first time in seven years on Monday and held at a 22-month low versus the dollar as soaring oil prices stoked fears of a stagflationary shock that could hammer Europe.
The conflict in Ukraine and harsh international sanctions on Moscow have sent Russian assets tumbling while prices of the country’s exports such as precious metals, oil, and gas have soared at a time when the global economy was already grappling with inflationary pressures.
