Russia’s Controversial New Gas Route

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June 24 (Bloomberg) –- Bloomberg’s Ryan Chilcote reports on the controversial new South Stream Pipeline which will bring Russian gas to Austria, bypassing Ukraine. He speaks to Mark Barton on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

What is the current state of play with the south stream pipeline?

The eu has said they are not opposed to the deal or pipeline as such.

What they are opposed to his individual countries cutting deals with russia that do not respect or follow eu law.

Specifically, they mean environmental law and competition law.

They have issues with both of those.

Today you have something that the eu is not entirely comfortable.

You have omb, in austrian company, sitting down with gazprom to agree on a pipeline extending into austria.

The austrian say, we rely on russian gas far too must not to have an alternative to a pipeline through ukraine.

The bulgarians and the serbians as well.

It is not a slight to ukraine.

It is the same kind of conversations we had in 2011, four or five years ago when the germans agreed to have a pipeline go directly from russia.

Nor did -- nordstream, directly to germany.

Yet -- russia and ukraine had been to a gas dispute.

The german said they understood the argument.

It makes sense to have a alternate route because we need the energy but the eu is uncomfortable.

It is not divided about pipelines.

It is divided about imposing sanctions on russia.

That is right.

It is putin's first visit since the d-day visit to normandy.

Austria is a non-nato country.

Neutral.

Later this week on friday, we have the european union heads of state meeting and one of the things they will be looking at is sanctions.

The ukrainian president introduced a peace plan earlier in the week.

The rebels had said they will observe a cease-fire until then.

A lot of people are watching russia's reaction this week and if possible -- it is possible there could be sanctions.

A country like austria would argue against it, i am guessing.

They say our economic interest from the value that might be expected -- extracted.

Mark carney appears before

This text has been automatically generated. It may not be 100% accurate.

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