Gazprom wins Crimea, may lose EU customers

Russia’s takeover of Ukraine’s Crimea may cost it a lot financially – but only if the West makes a concerted, sustained effort to come up with alternative supplies.

With energy exports serving as the key driver of the Kremlin’s economy, Russian President Vladimir Putin’s military invasion of a neighbor is not going over well in Europe.

The European Union is suspending help with construction of South Stream, the gas pipeline project backed by Gazprom, Eni of Italy, EDF of France and Wintershall of Germany. Any reduction in Europe’s dependence on Russian gas will hurt Gazprom’s profits.

For the full story, please visit The Kyiv Post.

(Photo: Gazprom)