Russia is halting the project to lay the South Stream gas pipeline over Bulgaria's position.
"In view of the European Commission's position which is not facilitating this project, taking into account that we have just received permission from the corresponding agencies in the Netherlands - a positive decision, but in connection with the fact that we have not yet received the go-ahead from Bulgaria, Russia cannot continue implementing this project under such conditions," Putin said at a press conference on Monday.
Gazprom has put almost half of the total investment into the South Steam project - $4.66 billion - over the past three years. In 2014 investment has been increased by almost 80 percent compared to the initial figure, to 135 billion rubles, he said.
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