Greece blocked the EU’s 21st sanctions package against Russia over restrictions on Russian LNG transport

Greece blocked approval of the European Union’s 21st package of sanctions against Russia, opposing one of its key provisions — a ban on the transportation of Russian liquefied natural gas (LNG). According to the Financial Times, citing European officials and industry representatives, Athens believes that the measure would seriously harm the Greek shipping business.

The main reason for the objections is the interests of the Greek shipping company Dynagas, owned by billionaire Georgios Prokopiou. The company is considered one of the largest operators of Arc7 ice-class LNG carriers, which are used to transport LNG from Russia’s Yamal LNG project. According to the Financial Times, Dynagas owns approximately one-third of the world’s fleet of these specialized vessels, which have completed more than 140 voyages carrying Russian liquefied gas since the beginning of 2025.

Athens fears that the new restrictions would effectively leave the expensive vessels without work. Each such LNG carrier costs around $300 million and was built specifically for operation in Arctic conditions. Because of their narrow specialization, it is extremely difficult to find alternative uses for them, so shipowners will likely have to sell them to buyers from countries that have not joined the Western sanctions.

Since approval of the sanctions requires the unanimous support of all EU member states, Greece’s objections blocked the adoption of the entire package. In addition to restrictions on Russian LNG, the document provides for new sanctions against Russian banks, cryptocurrency services and defense industry companies, as well as additional measures in the energy sector.

According to Reuters, EU countries have so far failed to reach a compromise. EU foreign policy chief Kaja Kallas acknowledged that disagreements remain among the member states over a number of provisions in the new package, including measures against Russian LNG.

The delay in adopting the sanctions has already affected other EU decisions. In particular, the European Union had to temporarily extend the existing price cap on Russian oil, as the issue was being considered alongside the new sanctions package.

The situation has once again shown that, despite the European Union’s policy of abandoning Russian energy supplies, European shipping still plays an important role in transporting Russian LNG. This is precisely why the proposed restrictions met resistance from Greece, whose merchant fleet remains one of the largest in the world.