Greece, whose veto had previously prevented an agreement, obtained an exception to continue shipping Russian LNG to non-EU customers for the foreseeable future. It is the 21st sanctions package since February 2022.
The agreement struck by ambassadors on Thursday is significantly watered down, raising major concerns about the role of national economic interests in the years-long drive to undermine Moscow’s capacity to finance the invasion of Ukraine. The country, which has the world’s largest commercial fleet, surprised member states by requesting a change to the Russian LNG ban, which was unanimously agreed upon last year as part of a prior sanctions package. Athens wanted a broad exception to continue transporting Russian LNG outside the EU market after January 2027, the original deadline.
The request was supported by Dynagas, a transportation company owned by Greek billionaire George Prokopiou. Dynagas and its subsidiary have chartered 11 vessels, including seven Arctic-resistant icebreakers, for Yamal LNG, Russia’s largest gas facility.
The Greek government and Dynagas contended that the transit embargo would harm Europe’s maritime services industry, eliminate job prospects, empower foreign competitors, and ultimately fail to decrease Moscow’s war fund.
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