Euro Crashes To Five-Year Low After Russia Shuts-Off Natural Gas Supplies To Poland And Bulgaria

CNBC: Euro slides to five-year low on Russian energy supply, slowdown fears 

* On Wednesday, European Commission President Ursula von der Leyen accused Russia of blackmail for its decision to cut supplies. 

* The EU is highly dependent on Russian gas, with about 40% of its imports coming from the country, and there are wider concerns about a deeper economic slowdown in the region. 

The euro tumbled against the U.S. dollar Wednesday as investors grew increasingly concerned with energy supply and a potential recession in the region. 

The euro dipped below $1.06 for the first time since 2017. It was last almost 0.7% lower to $1.056. The dollar has surged in recent weeks on its safe-haven appeal, as traders fear a growth slowdown or even a recession. 

“The euro is clearly heading towards parity. Reasons for this weakness are the weak economic prospects for the eurozone and huge differences in monetary policy reactions in the US and the eurozone,” Carsten Brzeski, chief economist at ING Germany, told CNBC via email. 

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Update #1: The euro just hit a 5-year low against the dollar as Russia's halt in gas flows darkens economic prospects for Europe (Business Insider)  

Update #2: Euro crashes to five-year low (RT) 

WNU Editor: One can only imagine what the Euro will be worth if Russia cuts-off all natural gas supplies to Europe.

Update #3: The U.S. dollar is increasing .... Dollar hits five-year high, growth concerns dent euro (Reuters), as well as the Russian ruble .... Rouble hits over 2-year high vs euro in Moscow as Russia halts some gas supplies (Reuters).