The euro fell below $0.99 for the first time in 20 years after Russia shut down the Nord Stream 1 gas pipeline, raising fears about the economic future of Europe, which is already under energy stress.

The euro fell to a low of $0.9888 in Asian trade, the first time the single currency has fallen below $0.99 since 2002, according to the FT.

The drop below that threshold came after Russia indefinitely suspended the flow of natural gas through the Nord Stream 1 pipeline, raising risks of a recession in the bloc.

State-owned Gazprom said the suspension was due to a technical malfunction. But the announcement came hours after the G7 announced plans to continue to cap the price of oil imported from Russia to reduce Moscow’s revenue, which could be used to finance an invasion of Ukraine.

Stock futures reflected a worsening outlook for European economies, with the Euro Stoxx 50 down more than 3 percent at the open in Frankfurt and Paris.

Analysts say that the use of gas as a political weapon can significantly complicate the European Central Bank’s plans to normalize monetary policy.

“The ECB’s task is made much more difficult by uncertainty over Russian gas supplies,” said Brian Martin, head of G3 economic research at ANZ, adding that a 0.5 percentage point hike in the ECB’s benchmark interest rate was already set this week.

“Moscow’s decision not to restore the flow of gas through the Nord Stream pipeline raises risks to growth while raising the outlook for inflation.”

The euro hit parity with the dollar in July for the first time in 20 years as investors sought safe haven assets in a worsening global economy.