Thus The Wall Street Journal today. “Russian president Vladimir Putin said Moscow will stop pursuing a gas pipeline to Europe amid opposition from the European Union and instead build a new link to Turkey,” explains the newspaper. In short, the South Stream is dead. It was supposed to cross the Black Sea to southern Europe via Bulgaria. Its southern branch was to go to Greece and Italy by crossing the Adriatic, whereas the northern branch was to go to Serbia, Hungary, Austria, and Slovenia. Instead, the pipeline will go to Turkey in addition to the existing Blue Stream. Russia and Turkey also plan a new natural gas hub close to the Greek border. As an added bonus, the Bosporus will remain open to the Russian ships for many years to come. Interestingly, the existing North Stream that goes to Germany across the Baltic Sea will remain in operation. All things considered, the Ukrainian crisis and the subsequent sanctions against Russia will cost Europe dearly. This is especially true of southern Europe, which has had little if anything to do with the crisis. In addition, the alienation of both Russia and Turkey has led to a stronger alliance between the two countries on the eastern flank of Europe. Congratulations all around.