The falling price of oil is dragging the kroner and the rouble down.
The decline in oil price is triggering dramatic impacts on Russian and Norwegian economies. The two countries depend more on price per barrel than any other European economies.
Brent crude was trading at just over $44 Monday morning, down to its lowest price since the financial crisis in 2009.
In Oslo, the stock market is all red at the start of the week, down 5,9 percent. One Euro is trading at 9,40 kroner.
In Moscow, the stock market’s RTS index is down 6 percent.
One Euro is trading at 76,7 roubles and one dollar is 68,1 roubles. For Russians, one Euro has not been so expensive since December last year.
Related stories from around the North:
Canada: Metal, mineral price drop affecting Canada’s North, Eye on the Arctic
Finland: Bankruptcies dip in Finland, Yle News
Norway: Low oil prices taking toll on Norway drilling, Barents Observer
Russia: Seismic work continues in Arctic despite sanctions: Russia, Barents Observer
United States: U.S. federal official says continued low oil prices could threaten trans-Alaska pipeline, Alaska Dispatch News