European gas prices surge as much as 30% higher on Monday after Russia has announced that deliveries through the Nord Stream gas pipeline remain stopped indefinitely, according to Reuters.

The benchmark gas price surged as high as 272 euros per megawatt hour (MWh) when the market opened.

The euro dropped on Monday to a new 20-year low, 0.7 per cent to $0.988.

European stocks also fell, with the regional Stoxx 600 index down 1.2 per cent, Germany’s Dax off 2.5 per cent and France’s Cac 40 down 1.8 per cent. London’s FTSE 100 slipped 0.7 per cent.