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Russian President Vladimir Putin announced Monday that Russia will be cancelling its $40 billion South Stream gas pipeline project. Mr. Putin cited unwillingness from European countries as the main reason for shutting down the project saying: “[the project’s cancellation] is the decision of our European friends. They are, in the end, customers. It is their choice.”

Falling oil prices and stalling European demand also contributed to undermining the economic viability of the project. South Stream would need to be marketed at an equivalent of $...

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