Russia: Putin Abandons South Stream, Attempts to Court Turkey

Russian President Vladimir Putin announced that Moscow will abandon the South Stream pipeline project. The South Stream project would have consisted of a submarine pipeline running under the Black Sea and into Central Europe. The project quickly lost momentum as relations between Russia and the European Union soured and the EU posed sanctions on the…

Russia: Ruble declines most since 1998 financial crisis

The ruble, not faring well for months now, plunged to new depths once again earlier today. This newest nosedive takes it down to levels unseen since the 1998 financial crisis. The currency’s problems are believed to stem mostly from tumbling oil prices (currently flooring at a little less than $80 for the Brent Crude benchmark).…