I thought about that too, and decided that it's not significant.

That pipeline ends on the north coast of Germany. Its customers will have to be in 10-20 countries surrounding Germany, and energy sources are long-term decisions made by boards of directors rather than mid-level managers. Consider the next five years. Which energy company board in those countries is going to discuss two suggested investment plans, one that involves Gazprom and one that involves anything else, and pick Gazprom over an alternative?