TurkStream, construction of which was completed on 4 July 2021, will increase energy security risks in CEE and will divert scarce resources away from productive investment in energy diversification and green transition. Tellingly, Bulgaria, for example, commenced construction of the strategically important, yet decades in the making, interconnector with Greece (IGB) only after it started laying down TurkStream pipelines. As a result, TurkStream has already crowded out alternative LNG and Azeri gas supply from the regional gas market.