For some, it was nothing less than 'a rare diplomatic defeat for Mr Putin' as declared in the New York Times headline story titled Putin, in Defeat, Diverts Pipeline. On a more sobering note, however, a related news analysis in NYT itself was titled 'Putin's surprise call to scrap South Stream Gas Pipeline leaves Europe reeling'.
And the conflicting message of the two titles tells it all: despite the usual spin that is involved in presenting such stories to the audience, the mainstream media (MSM) coverage of such issues with momentous geopolitical significance is incoherent and inconsistent at best.
So, what was it all about? Was it a defeat for Putin or his new-found enemies in the Europe? And if it were a defeat for both, whose wound will be worse and lasting longer? If indeed the recent escalation of the conflict in Ukraine had some role in the development, was that decisive at all? Now that South Stream has been canceled, what is the future trajectory of the energy transactions in the region?
These questions need a comprehensive analysis rather than an agenda-driven quasi-analysis. When I was looking for the former, I came across this brilliant piece by Alexander Mercouris in The Saker Blog, and thankfully, Saker was prompt in letting me carry this article here. The length of this article is surprisingly deceptive for it comprehensively tells the whole story behind the conception and eventual death of the South Stream gas pipeline in a short essay.
By Alexander Mercouris
South Stream would take years to build and its cancellation therefore has no bearing on the current Ukrainian crisis. The Russians decided they could afford to cancel it is because they have decided Russia’s future is in selling its energy to China and Turkey and other states in Asia (more gas deals are pending with Korea and Japan and possibly also with Pakistan and India) than to Europe. Given that this is so, for Russia South Stream has lost its point. That is why in their characteristically direct way, rather than accept the Europeans’ conditions, the Russians pulled the plug on it.
