Business & Economy 0

20.07.2026.

14:00

Unity cracks in the EU: Greece says "no" to Brussels

Greece has emerged as a key obstacle to the European Union's latest round of sanctions against Russia, opposing measures targeting Russian liquefied natural gas (LNG) transportation.

Izvor: SEEbiz

Unity cracks in the EU: Greece says "no" to Brussels
EPA/KAY NIETFELD

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EU envoys failed to reach an agreement on the 21st package of sanctions on July 15 and 16, so talks were postponed until July 23.

According to Greek government officials, the proposed ban preventing EU operators from transporting or selling Russian LNG to third countries could threaten Greece's leading position in the global LNG shipping market. Greece is competing heavily in this sector with Japan, China and the United States.

"Europe should not end up handing over entire sectors of economic activity or market share to non-EU actors as an unintended consequence of its own sanctions policy," one official told Reuters.

"Sanctions should weaken Russia's economic capacity, not create strategic windfalls for others at Europe's expense," the official added.

Shipping interests

Greece operates one of the world's largest LNG shipping fleets. Companies such as Dynagas, part of shipping magnate Georgios Prokopiou's empire, operate specialized Arc7-class LNG vessels designed for Russia's Yamal LNG project.

A broad transport ban could seriously affect these operations, as the vessels were purpose-built for Arctic routes and have limited alternative uses.

This move echoes earlier interventions by Greece, together with Cyprus and Malta, during sanctions negotiations, when Athens sought to protect its maritime industry. Reports directly link Greece's position to the protection of Dynagas' contracts under the Yamal project, which continues to generate significant revenue for Russia.

The broader context of the 21st package

The stalled package aims to increase pressure on Moscow over the war in Ukraine, building on previous rounds of sanctions that have already gradually halted much of the import of Russian pipeline gas and introduced restrictions on LNG imports from 2027.

 
Unity cracks in the EU: Greece says no to Brussels
EPA/ROMAN PILIPEY

Previous clarifications from the European Commission confirmed that EU operators would be prohibited from trading Russian LNG globally, not only within the European Union.

Other countries, including Austria, have also raised objections for various reasons, highlighting the challenge of achieving unanimous approval among all 27 member states. The oil price cap currently remains unchanged at $44.10 per barrel.

Balance for the EU

Greece has consistently supported sanctions against Russia but insists that they must be "carefully calibrated" to avoid self-inflicted economic damage.

This position reflects broader tensions within the European Union: accelerating the energy transition and moving away from Russian fossil fuels while simultaneously preserving strategic industries and competitiveness amid global rivalry.

Talks will continue next week as the EU seeks to maintain a united front without causing unintended market disruptions that could benefit competitors in Asia or other parts of the world. The outcome could affect not only energy flows but also the future direction of European sanctions policy.

Tagovi

European Union (EU) Greece Russian gas Sanctions against Russia

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