WSJ: Russia Sanctions Won't Affect South Stream Pipeline, OMV CEO Says

Sanctions against Russia are expected to have "no influence" on the construction of the South Stream gas pipeline project, a link from Russia to Europe under the Black Sea, the chief executive of Austrian oil and gas company OMV AG's (OMV.VI) tells next week's edition of Austrian magazine Profil.

Gerhard Roiss tells the magazine that the European Union "would shoot itself in the foot if it blocks the construction."

Russia's natural gas monopoly OAO Gazprom is preparing to build the underwater South Stream pipeline as a direct link from Siberian gas fields via Bulgaria to the Baumgarten gas hub in Austria, cutting out Ukraine as a transit country.