Russian President Vladimir Putin said Moscow will stop pursuing Gazprom ’s South Stream pipeline project that would supply natural gas to Europe with an underwater link to Bulgaria, blaming the European Union for scuttling the project. “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,” Mr. Putin said.
“We think that the European Commission’s position was not constructive,” Mr. Putin said. “If Europe does not want to implement it, it will not be implemented.”
“If Bulgaria is deprived of the possibility of behaving like a sovereign state, let them demand the money for the lost profit from the European commission”, Putin said.
After Putin’s announcement in Ankara, Gazprom’s chief executive, Alexei Miller, confirmed that the plug had been pulled on South Stream. “The project is closed. This is it,” he told reporters.