Eastern European nations reacted with shock and anger to Russia’s decision to abandon South Stream, its $50bn gas pipeline across the Black Sea into Europe, as shares in some of the companies involved in the project dived.
Bulgaria, Serbia and Hungary said they had received no advance warning that Moscow was scrapping South Stream, even though they all had substantial financial and political capital invested in the project. Russia said it would export its gas to a trade hub in Turkey instead.
South Stream is so far the biggest casualty of the falling-out between Russia and the EU over Moscow’s military involvement in Ukraine.
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