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    Sputnik: Cancellation of South Stream Is Russian Leverage in Europe: Experts

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Summary

The Ukraine conflict and subsequent strain in EU-Russian relations has caused Europe to seriously consider reducing its reliance on Russian natural gas

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Sputnik: Cancellation of South Stream Is Russian Leverage in Europe: Experts

Russian President Vladimir Putin's announcement of the cancellation of the South Stream natural gas pipeline to eastern Europe is a source of short-term leverage in Russia's dealings with Europe, but has also consolidated European resolve to diversify its energy sources in the future, experts told Sputnik Tuesday.

"For the time being, European countries are not drilling shale gas, there's not a ton of US LNG [liquefied natural gas] out there on the market, there are not a ton of alternate supplies. So Russia does have some leverage," executive vice president of the energy independence advocacy organization, Securing America's Future Energy, Sam Ori told Sputnik.

Ori noted that in the short term, Europe's dependence on Russian oil and natural gas is a potentially powerful strategy.

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