There is one aspect that no one seems to grasp. We all live in the perpetual belief that Russian gas will always be the cheapest there is. reality, I beg, differs strongly. Let’s not forget that to this day, the big Western Siberian fields that have been developed half a century ago provide the bulk of Russian gas. They are freebies as their development (including much of the pipes) had been paid for by Soviets. The new fields that replace them in Yamal are a very different story and Gazprom won’t give us the financial cornerstones. Add up the cost of Yamal gas (Upstream, processing, transport plus NS2) and current North Western European gas prices won’t suffice. Of course, if there was awareness in Europe, Russian gas would be an instant no go. Russia does not want that so the show goes on.
When a megaproject makes no commercial sense, there are two possibilities. Either its sponsors are fools, or they have other motives. Since Vladimir Putin is no fool, one must assume that his pet pipeline is not really a business venture—and that the fools are the Europeans, in particular the Germans.