Gas prices soar and pound and euro fall as Russia shuts Nord Stream pipeline

European countries scramble to store as much gas as possible before winter as they brace for shortages

Gas prices surged on Monday and the pound and euro slumped after Russia shut down a big pipeline indefinitely.

Russia has used its control of gas supplies to exert pressure on European countries in retaliation against sanctions imposed after its invasion of Ukraine. Gazprom, the Russian state-controlled gas company, closed the Nord Stream 1 pipeline from Russia to Germany on Friday, saying it had found a leak requiring repair.