Owners of foreign companies are starting to count losses related to the closing of the South Stream project. A difficult geopolitical situation in Eastern Europe and pressure from some countries forced the governments of several contracting parties participating in the project to refuse to cooperate with Russia. According to experts’ estimates, the amount of direct losses of European companies due to the rejection of the major infrastructure project will come in at about €3 billion. The shutdown of the South Stream pipeline will be worth €320 million to the Japanese industry. In addition, Russia also stands the losses, as $5 billion has already been invested in construction of the pipeline. The Italian corporation Saipem will incur the most part of financial losses. In spring 2014, the agreement for the first South Stream pipeline laying was signed with the affiliate company of the Italian ENI which was a contractor for the Blue Stream and Nord Stream projects. The contract value amounted to €2 billion. The German company Europip signed a contract for pipes delivery for the first line. It amounted to €500 million which was 50% of the total order amount. Currently, there is no consensus on this matter among allies. Austria, for example, continues to protect the existence of the project considering that the gas supply should not act as a "political weapon." However, in his speech the Russian President Vladimir Putin made it clear that in present circumstances Russia will not be implementing this project. In turn, Alexei Miller, the head of Gazprom, said that the South Stream is no longer relevant.
