Gazprom’s market capitalization has plummetted from $367.27 billion in May 2008 to $51.12 billion as of August 3, EurasiaNet reports. Additionally, new pipeline construction costs could exceed $125 billion, due to Putin’s decision to reroute gas away from Ukraine and to build a costly, risky pipeline to China. The Kremlin faults low oil prices and warm winters for Gazrprom’s financial collapse, but it is the Kremlin that is ordering Gazrpom to build political, not economic pipelines. Likewise, Putin has forced Gazprom to waste money sponsoring the Olympic Games and buying Russian media outlets to turn them into Kremlin mouthpieces. EurasiaNet concludes it is the Kremlin that is responsible for Gazprom’s demise.