By John Q. Hosedrinker 
Greece has opposed the European Union’s latest sanctions package against Russia, citing concerns that a proposed ban on transporting Russian liquefied natural gas (LNG) to third countries would jeopardize the shipping company Dynagas, which specializes in this trade. The Greek representative argued that such a measure could effectively destroy Dynagas’s business, as its specialized Arc7-class icebreaking tankers are virtually impossible to redeploy elsewhere. This objection has delayed the adoption of the 21st sanctions package, which also includes measures against Russian banks, cryptocurrency networks, and the military-industrial complex, and a new oil price cap mechanism. Negotiations continue as EU member states weigh the economic impact of sanctions against the necessity of increasing pressure on Moscow.
Read the original article here
Greece has thrown a wrench into the European Union’s latest effort to tighten the screws on Russia, with reports indicating that Athens is blocking the proposed 21st package of sanctions. At the heart of this disagreement lies a specific concern: the potential impact on Dynagas, a prominent Greek shipping company that specializes in transporting Russian liquefied natural gas (LNG).
During a recent EU ambassadors’ meeting, Greece voiced its reservations, specifically highlighting that a proposed ban on the transport of Russian LNG to third countries could effectively cripple Dynagas’s operations. This stance means that, for now, Greece is unwilling to give its green light to the new set of sanctions aimed at increasing pressure on Moscow.
As reported by the Financial Times, this objection from Greece has already caused a delay in the adoption of the sanctions package, pushing back its approval by at least a week. The EU operates on a principle of unanimity when it comes to sanctions, meaning that every single member state must agree for a package to be implemented.
Beyond the LNG transport issue, this 21st sanctions package was designed to be comprehensive. It reportedly included measures against several additional Russian banks, aimed at disrupting cryptocurrency networks, and targeted companies within Russia’s military-industrial complex. Furthermore, a new mechanism for capping the price of Russian oil was also part of the proposed measures.
The impasse over the new sanctions has led to a temporary extension of the existing price cap on Russian oil, which remains at $44.10 per barrel. European officials suggest this temporary measure provides valuable time for further negotiations and a more thorough assessment of the potential consequences of the newly proposed restrictions.
The company at the center of Greece’s concern, Dynagas, is owned by Greek shipping magnate George Prokopiou. Dynagas boasts a fleet of 27 gas carriers, a significant number of which are specialized Arc7-class icebreaking tankers. These particular vessels are designed for operations in challenging Arctic conditions and are crucial for serving projects like the Russian Yamal LNG.
Data suggests that Dynagas has been actively involved in transporting Russian LNG. Since the beginning of 2025, estimates indicate the company has moved over 10 million metric tons of Russian LNG using 11 vessels, completing 144 voyages. The Greek position is that redeploying these highly specialized Arc7-class vessels to other routes is practically impossible, and that implementing the sanctions could force the company to sell them to non-Western buyers, with each tanker valued at approximately $300 million.
Other EU diplomats, while acknowledging that all member states will likely face some economic repercussions from sanctions, maintain that such measures are necessary to exert increased pressure on Russia. The situation highlights a familiar tension within the EU: balancing collective geopolitical goals with the specific economic interests of individual member states.
The European Union’s High Representative for Foreign Affairs and Security Policy, Kaja Kallas, has previously expressed disappointment over the lack of consensus on the sanctions package. She has indicated that Brussels would explore alternative strategies if a unanimous agreement could not be reached. This latest development underscores the challenges the EU faces in maintaining a unified front against Russia, particularly when significant economic interests are at play for a member state. The reliance on unanimous consent for sanctions, while intended to ensure buy-in, also provides a powerful lever for individual countries to influence the EU’s foreign policy decisions.