The euro fell against the dollar on Tuesday, disturbed by the rise in gas prices while Russian exports fell the day before, raising fears of an energy crisis in Europe which would weigh on the economy.

Around 9:15 a.m. GMT (11:15 a.m. in Paris), the euro lost 0.18% to 1.0202 dollars.

On Tuesday, the Russian gas giant Gazprom, which had resumed deliveries to Germany through the Nord Stream gas pipeline, announced new drastic cuts.

As a result, the price of European gas has reached a peak since the beginning of March and the first weeks of the war in Ukraine.

„These developments prove again that Russia is using gas supplies as a weapon of war to respond to European countries,” said Lee Hardman, analyst at MUFG.

As European countries struggle to replenish their energy reserves ahead of winter, the risk is growing that a gas shortage will send Europe’s economy plummeting.

“We still think that the weakness of the euro could be accentuated if the risk of a recession increases in the euro zone”, adds Mr. Hardman.

Despite its rise in the past two weeks, the single currency remains close to its lowest point in almost twenty years, reached in mid-July at 0.9952 dollars.