Greece stalls EU sanctions package over LNG shipping concerns

According to the Financial Times, Greece has reportedly blocked the approval of the 21st EU sanctions package against Russia due to proposed restrictions on transporting Russian liquefied natural gas (LNG). EU member state ambassadors failed to reach an agreement during the July 15 meeting, rescheduling further discussions for July 23. The Greek delegation expressed concerns that the ban would severely impact the shipping company Dynagas, which operates a fleet of 27 vessels, including specialized Arc7 ice-class tankers valued at up to 300 million dollars each. Athens argues that these vessels would be difficult to redeploy, potentially forcing a sale to non-Western entities. Separately, an analysis by the Financial Times indicated that Greek shipping companies have generated at least 3.8 billion dollars in revenue from transporting Russian crude oil since July 2023, while adhering to the G7-imposed price cap of 44.10 dollars per barrel. Companies like Dynacom Tankers, Olympic Shipping and Management, Stealth Maritime, and Polembros Shipping have been identified as key players in this sector. As of May 2026, Greek firms handled approximately 15 percent of Russian crude exports. The situation highlights the ongoing challenge of balancing legitimate commercial shipping interests with EU efforts to restrict Russian energy revenues.