Greece continues to block the adoption of the European Union’s 21st package of anti-Russian sanctions. The reason is Athens’ objections to a ban on the transportation of Russian liquefied natural gas (LNG) to third countries by European vessels.
According to the Financial Times, Greece’s position is linked to the protection of its national shipping industry’s interests. This particularly concerns the company Dynagas, owned by Greek billionaire George Prokopiou. The company specializes in transporting LNG from the Arctic Yamal LNG plant and operates specialized ice-class tankers.
The ban on European vessels carrying Russian LNG to countries outside the EU was agreed earlier and is due to fully enter into force in 2027. Greece is insisting on softening these restrictions, arguing that the measure would deal a serious blow to the Greek fleet — one of the largest in the world — while having little impact on Moscow’s revenues, as ships could simply re-register under other flags.
Due to the requirement of unanimity among all 27 EU member states, adoption of the package has already been delayed for more than a week. EU ambassadors are holding talks on 22 and 23 July in search of a compromise. Among the options under discussion are a postponement or adjustment of the disputed provisions, although other states fear the creation of a dangerous precedent.
The 21st sanctions package provides for additional restrictions in the energy sector, financial services, and cryptocurrencies, as well as an expansion of the list of sanctioned banks, companies, and individuals. It is aimed at further reducing Russia’s oil and gas revenues amid the ongoing war in Ukraine.
At the time of publication, a final decision has not yet been reached. Negotiations are continuing.