Ukraine Pitches a Land Route for South Stream

Facing the loss of significant revenues from gas transit, Ukrainian President Viktor Yanukovych is now pitching a land route for the South Stream pipeline project that is intended to bypass Ukraine.

"We are proposing to our partners in Europe and Russia a flexible approach to the modernization of the Ukrainian gas transport system and construction of the South Stream. Relatively speaking, the South Stream should pass through southern Ukraine on land. Such a possibility exists."

Yanukovych said that the alternative would be “would be five times cheaper," than the EUR 25 billion price tag he attributed to the Russia led project.