“Considering position of the European Commission, which does not favor implementation of this project, and the fact that we have not received permission from Bulgaria, we believe that in these conditions Russia cannot continue implementation of this project,” Russian President Vladimir Putin said at a press conference in Ankara on Monday.
During the past three years Gasprom has funded almost half of the South Stream project worth $4.66 billion. This year investments increased by almost 80% up to 135 billion rubles against the initial plan.
Russia will re-direct its energy resources to other markets with help of liquefied natural gas and Europe will not get them, Putin said.
He added that the European Commission’s position to the South Stream project is unconstructive and is not in the economic interests of Europe.
“We believe that the European Commission’s position was unconstructive. The European Commission has put obstacles to the project implementation. If Europe does not want to implement the project, then it means it will not be implemented,” Putin said after the talks with Turkish President Rejep Erdogan.