The main outcome of Putin’s visit to Turkey was the announcement that the $40 billion South Stream gas pipeline project would be cancelled. The effects of this cancellation on Russia and Turkey differ, even though the project was interpreted as a rapprochement of their strategic visions.

EAST EUROPE SCRAMBLES FOR ENERGY AFTER PUTIN KILLS SOUTH STREAM

Europe is betting on the acceleration of the Southern Gas Corridor, which has been defined a key project along with the Vertical Corridor from Greece to Romania through Bulgaria.

The dramatic events that recently took place regarding the termination of South Stream and its replacement by the so-called 'Turk Stream' pipeline has caused shock throughout Bulgaria, which is already rife by public discontent against the current political and economic elite.

Serbian Deputy Prime Minister Zorana Mihajlovic said Tuesday that "the freezing" of the South Stream pipeline project was a problem for Serbia.

The fallout from Russia's decision to abandon its ambitious South Stream pipeline deal continued Dec. 3, as Italian energy services firm Saipem announced that it would lose almost $2 billion because of Moscow's move

Bulgaria’s Government will do all it can to support the realisation of the South Stream gas pipeline project due to its immense economic importance and despite the infringement procedure against Sofia for suspected public procurement law breaches.

Demise of South Stream big setback for Putin. Russia’s deal with Turkey cannot be deemed a serious replacement.

Gazprom, the state gas company, has been at the forefront of Moscow’s push to expand its influence into the Balkans – a region beset with economic and political difficulties.

The South Stream project is continuing as planned, an official of the Russian Energy Ministry's pool and gas department said on Monday