Setting up a new European gas pipeline on the border between Turkey and Greece depends on Europe, said Vladimir Putin at the annual conference with the press.

– It mostly depends on Europe, provided that they want to have a stable, absolutely guaranteed and risk free energy supply from Russia. If they agree, we will work through Greece to reach Macedonia and Serbia, and then go to Baumgartner in Austria. If they aren’t interested, we won’t build it … There are no reserves, nor will there be any in the near future, that are cheaper and more reliable than those of Russia – said Putin.

The new pipeline will be built on the territory of Turkey, on the border with Greece. It will replace the South Stream project, which was interrupted due to opposition by the EU. Under the new project, Turkey could become a major conduit for supply of Russian natural gas.