Russian president Vladimir Putin's announcement in December that Gazprom was scrapping the $50 billion South Stream pipeline project to bring Russian gas under the Black Sea via Bulgaria to the heart of the EU stunned and puzzled western observers. Was this a sign that sanctions imposed over Ukraine had made the flagship project impossible to fund? Or pique over the regulatory hurdles South Stream had crashed into in Europe?
Ukraine's Energy Challenge
Financial Times: Gazprom faces up to pipeline reality
Gazprom CEO Alexey Miller (L) attends a press joint conference of EU-Commissioner for Energy German, Russian Energy Minister Novak and Ukrainian Energy Minister Yuriy Prodan after talks on energy security on Sept. 26, 2014 in Berlin.
