South Stream, the $45 billion project to deliver Russian natural gas via underwater pipeline through the Black Sea to Bulgaria and on to other Balkan and southern European markets, is dead. Russian President Vladimir Putin made the death pronouncement on December 1, during a trip to Turkey to meet Turkish President, Recep Tayyip Erdogan. It has major geopolitical and economic consequences for the EU.
As Putin explained, "If Europe doesn't want to realize this, then it means it won't be realized. We will redirect the flow of our energy resources to other regions of the world. We couldn't get necessary permissions from Bulgaria, so we cannot continue with the project. We can't make all the investment just to be stopped at the Bulgarian border," Putin said. "Of course, this is the choice of our friends in
Europe."
The Russian President didn't waste a minute to show how he plans that redirection. The real loser is not Russia, but the EU
who managed yet again to shoot themselves in the foot by their buckling under to Washington pressure from Victoria Nuland's State Department and the Obama Administration hawks. The South Stream would have provided secure delivery to southern EU countries including Bulgaria, Hungary, Austria, Italy, Croatia and also Serbia. It would avoid the current transit pipelines running through Ukraine. Similarly, to avoid a repeat of the US-induced Ukrainian disruptions of Russian gas to the EU in 2009, Russia and Germany agreed the construction of Nord Stream,
also avoiding Ukraine.
Comment: That last statement is interesting in light of Obama's recent decree for immigration reform that has Congress in an uproar.
And this report: SOTT Exclusive: Send in the troops? Only if ISIS gets hold of a nuclear weapon also bears keeping in mind if the US increases the boots on the ground offensive against ISIL.