The Euro and The US Dollar Reach Parity for the First Time in Two Decades

On July 12, 2022, the euro reached $1. This marked a 12% drop since the start of 2022. 

The last time that the euro and dollar were at parity was 2002. Physical euro coins and banknotes first started circulating on January 1, 2002. 

As a report by PressTV noted, the EU “used to receive roughly 40% of its gas through Russian pipelines.”

Now, the EU has to cope with high inflation and energy shocks since Russia began its military operation against Ukraine. On top of the EU’s energy crisis, there is an economic contraction taking place in the bloc, which has raised speculation about an economic recession being around the corner. 

The sanctions the Collective West has imposed on Russia have sparked inflation and have led to further economic destabilization that has spread across the globe. 

The US previously imposed an oil embargo on Russian oil right after Russia commenced its military operation against Ukraine on February 24, 2022. The oil embargo was followed up by a barrage of sanctions from the US and its Western allies. 

So far, the sanctions have done nothing to change Russia’s war aims. Should these sanctions continue in effect, European nations could witness their working classes experience unprecedented reductions in their living standards. Those are the many dangers of pursuing punitive foreign measures against an energy-rich nuclear power such as Russia. 

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