Forbes: A Tale of Two Unions

Some Europeans may be tempted to celebrate Russia’s recent decision to abandon South Stream, a Black Sea pipeline, conceived to connect Russian gas to central Europe by way of Bulgaria. Yet, from the U.S. perspective, the Europeans have neither the time, money, nor luxury for schadenfreude.

To be sure, the cancellation is momentous.  South Stream was Putin’s way of strengthening his grip on eastern European consumers, bypassing Ukraine, and undermining the EU-sponsored Nabucco pipeline, an avowed EU effort to reduce reliance on Russian gas.  Both projects are shelved, for now. MORE