The euro fell below $0.99 on Monday, hitting a 20-year low after last week’s announcement that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline.

The euro was down 0.7% at $0.9884 by 0535 GMT on Monday, its lowest level since December 2002.

The euro has continued to weaken against the dollar since the start of the year amid uncertainty over economic turmoil and Russia’s invasion of Ukraine.

On Friday, Russian gas giant Gazprom said that the Nord Stream pipeline, which was due to reopen over the weekend, will be closed indefinitely.

The company said the turbine oil leak was discovered during a planned three-day maintenance operation and the pipeline will remain closed until it is repaired.

The Baltic pipeline from near Saint Petersburg to Germany will resume on Saturday.

After Russia invaded Ukraine to impose economic sanctions, Russia reduced or stopped supplies to European countries, sending energy prices soaring.

The Kremlin blamed European sanctions for reducing supply through Nord Stream, saying it prevented the return of Siemens turbines, which had been in Canada for repairs.