Euro Plunges to New 20-year Low After Russian Gas Halt

U.S. Dollar and Euro banknotes are seen in this illustration taken on July 17, 2022. Dado Ruvic/Reuters

LONDON—The euro sank below $0.99 to a new 20-year low on Monday after Russia’s halt to gas supplies down its main pipeline to Europe heightened fears about a deepening energy crisis across the region.

The euro has been increasingly correlated with natural gas prices in recent months, with the former falling when prices of the energy source rise.