Cancellation of South Stream may signal a shift in Russian gas export policy

A paper published by the Oxford Institute for Energy Studies today, to which I contributed along with my colleagues Jonathan Stern and Katja Yafimava, asks whether Gazprom's cancellation of the South Stream pipeline is part of a larger shift towards a more commercially logical export policy. We look at how Gazprom will manage its investment options in the face of financial sanctions and ruble devalution.