Who are the winners and losers from the cancellation of the South Stream pipeline?

Vladimir Putin has announced that the construction of the South Stream pipeline, which was intended to transport gas from Russia across the Black Sea to South East Europe, is to be abandoned. Marco Siddi assesses the winners and losers from the cancellation of the project. He writes that while the key winner is likely to be Ukraine, countries in South East Europe will lose out on potential transit revenues. He also argues that with the EU still reliant on gas imports through Ukraine, the end of South Stream should provide extra impetus to reduce the share of fossil fuels in the EU’s energy mix.